$ 41bn investment in India a conservative estimate: USIBC

“Modi needs to be committed to the reforms and the people of India should stand firmly behind it,” she adds.

Also read: $100 bn foreign investments knocking at India's doors: Modi

The USIBC is celebrating its 39th anniversary today and will honour Kumar Mangalam Birla and Steven Kandarian of MetLife for their contribution to strengthen ties between both India and US.

Below is the edited transcript of the interview to CNBC-TV18's Shereen Bhan.

Q: Let me start by asking you about the survey that the USIBC had done which showed that about USD 41 billion could come into India. Today the Prime Minister has spoken about USD 100 billion of FDI waiting to enter India. Post that meeting with the Prime Minister that USD 41 billion which is a likely commitment how much of that do you believe will be a reality anytime soon?

A: I think reality is quite clear and we are talking about just within a 3 year timeframe. So, when you look at the commitment further down the road it could certainly exceed USD 41 billion. Also remember that was a quick survey that we took of our member companies. We have over 300 member companies and this was just 22 percent who responded. So, I think USD 41 billion is probably a low estimate just coming from our member companies alone. However it is a good start. It is always with a caveat, with the understanding and this was very clearly articulated to the Prime Minister when he was in United States last week visiting with so many of our CEO leadership that it is predicated on the kinds of reforms that the Prime Minister has committed to. So, we stand ready to support those reforms but it is also with the expectations that the people of India not just the government of India stand firmly behind those reforms that are going to bring in more foreign investment.

Q: A quick question on the trouble that Indian pharma generic companies are facing in the US. There is now the possibility of a probe for alleged price hikes of generic drugs, we don't have clarity on the scope of that investigation or probe as of now. As part of the USIBC are you going to be trying to take up the issues that Indian pharma companies are facing more aggressively now?

A: We really believe in supporting the pharmaceutical industry as a whole whether it is the innovators, whether it is the generic companies, whether they are based in the US or they are based in India, what we want is to make sure that the process is fair, that the market is fair and that life saving medicines are available to those who need it. So, we will work closely as this investigation moves forward with the international trade commission. We will provide the kind of substantive information, material and support that will hopefully yield a realistic and an objective outcome.

Q: A quick word on the 39th anniversary and you are of course celebrating that with a summit. Kumar Mangalam Birla and Steven Kandarian will be honoured by the USIBC for promoting India-US ties. What more can we expect from the USIBC and your 39th anniversary summit?A: To a degree this is an opportunity for our membership to respond to a degree to the extraordinary visit and events surrounding the Prime Minister last week. We will have the secretary of commerce Penny Pritzker joining us, we will have the US trade representative Michael Froman joining us. We will also have Arundhati Bhattacharya chairman of State Bank of India along with ambassador Jaishankar. So, this is really an opportunity 9 days after we hosted the Prime Minister last week to continue to talk about the initiatives, the opportunities, the affirmations as it relates to strengthening US trade and how appropriate to be honouring both Kandarian and as well as Birla for their efforts to expand trade both in India as well as in the United States and their contribution to the creation of jobs in both countries and therefore the improvement in the quality of life for citizens in both the United States and India.