India / Ambani tells Trump Jio doesn't use Chinese components, US Prez reacts

New Delhi: US President Donald Trump invited India Inc to invest "billions" of dollars in the US to reap the benefit of tax and regulation cuts that his administrations has implemented.

On Tuesday, the second and final day of his visit, Trump interacted with top honchos of India Inc including RIL's Mukesh Ambani, Aditya Birla Group's Kumar Mangalam Birla and Tata Group's N. Chandrasekaran amongst others at the business round table event organised at the US Embassy in Delhi.

Inviting India Inc to invest in the US economy to create jobs, he talked about an upcoming tax cut for the American middle class and how that unemployment in the US was at a record low.

The President said that the US economy was performing very well and that the consumers there have more disposable incomes due to growing numbers of jobs.

Thanking Indian industry for creating jobs in the US, he said that governments can only aid in employment generation, but it is the private industry which actually creates jobs.

However, the US might not sustain healthy economic performance, if he is not re-elected, he said, adding the unemployment rates might soar if he doesn't get a second term.

On the markets, Trump contended that his re-election would swell the stock markets, while a defeat will lead to a massive crash.

Commending Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani for transforming India's telecom sector and his strategic investment in the energy sector in the US, President Donald Trump on Tuesday invited him to invest in his tax-friendly country.

"Great job you have done. Thank you," Trump told Ambani who briefed him about the RIL investment in the US.

"We are investors in the United States in the energy sector and have invested $7 billion towards that," Ambani told Trump who immediately replied: "$7 billion, yeah, big one."

Trump then asked him: "You're doing 4G. Are you going to do 5G too?"

Ambani said that Reliance Jio is the only network in the world that doesn't have a single Chinese equipment manufacturer for the 5G trials.

To this, Trump chuckled: "That's good! Put a bid in one?"

India's leading telecom operator Reliance Jio has only partnered with non-Chinese equipment manufacturers like Samsung to date.

Ambani applauded Trump for low tax rates in the US that makes the country a business-friendly destination.

"All of us in the business community are really supportive. We do acquisitions in the US and they're getting approved fast and we hope that will continue for the Indian companies," said the RIL Chairman.

Trump said this would happen only till he is there as the US President.

"It will happen till I am there but if the wrong one gets elected, that won't happen at all. Everything will come to a halt, your unemployment rate will come to 8 or 9 or 10 (per cent) and a lot of bad things will happen," the US President told the gathering.

"I think we are the favourites to win," he added, saying that some say 65 per cent people want him to come back to power but the rest 35 per cent still don't.

"It would be devastating as the economy has never been as good as today," Trump told the packed room.