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Ease of biz issues will affect US investments to India
Problems related to ease of doing business such as taxation, regulatory burdens and legal issues can deter American investors from investing in India, US Ambassador Richard Verma said on Thursday even as he hoped that the USD 500 billion bilateral trade target would be achieved.
New Delhi: Problems related to ease of doing business such as taxation, regulatory burdens and legal issues can deter American investors from investing in India, US Ambassador Richard Verma said on Thursday even as he hoped that the USD 500 billion bilateral trade target would be achieved.
"On the trade and investment front, we have been taking up the ease of doing business factors that sometimes can deter the US companies and investors such as tax and legal certainty and easing regulatory burdens.
About 30,000 Indian students visited the US in 2005 and the number rose to 1, 30,000 last year. In the same year, four lakh Indians visited America while it was 1.2 million in the previous year. -US Ambassador Richard Verma
I think we are making progress in that regard and it's not just US companies that are voicing those concerns, it is also Indian companies who are coming together and voicing similar concerns," Verma said at an Observer Research Foundation (ORF) function.
He said in the last Trade Policy Forum meeting, both sides discussed in detail the trade relationships with the goal of continuing to break down trade barriers and laying the foundation for reaching the trade target of USD 500 billion.
"On the economic side, the data suggests that we have come a long way. We have crossed USD 105 billion, but it's still the pockets compared to the size of our economy and the number of people we trade with," he said.
In 2005, the two-way trade between the countries was about USD 35 billion, which exceeded to USD 105 billion last year. "I really believe that we can get that (target)...Could we do more. We could do more. We may have ups and downs in our relationship. We may have been on a roller-coaster in 50-60 years (but) I don't think there is any question. We have reached a point where our strategic and economic importance of this relationship is unstoppable," he added. Verma said the trade figures and other numbers are the evidences which clearly reflect the increasing economies ties between the two countries.
About 30,000 Indian students visited the US in 2005 and the number rose to 1,30,000 last year. In the same year, four lakh Indians visited America while it was 1.2 million in the previous year.
"In 2005, there were 200 US companies in India and now there are over 500, employing several million people," US Ambassador to India Richard Verma said.
Verma added that India has to grapple with several developmental challenges, including 300 million people with no access to electricity, air pollution, massive urbanization, one million young people entering job markets every month, among others. "These are real challenges for India that occur on a scale that most countries in the world will find difficult to grasp," he said. But these provide tremendous opportunities also for India, he added.
