India's Economic Reforms On Right Track, Says U.S. Trade Official
"We also want to see continued improvement in regulatory and legal sector. I am struck by Prime Minister Modi use of the word redtapism. I think that is a great phrase. It captures so well the challenges he sees, the investors' sees and the Indian businesses see about doing business," he said.
U.S. companies, he said, are still facing "significant" trade and investment barriers in India.
In his key-note address, the Charge'd Affaires, Embassy of India, Taranjit Singh Sandhu, said the Modi government has shown a strong resolve to carry forward the reform agenda.
"Prime Minister Modi has sent a clear message, that India is open for business. A number of steps have been taken to create a business friendly environment," he said.
"The winds of change are already visible in India. The scope and potential of infrastructure and related developments is huge," Sandhu said.
"India is moving quickly, on its commitment to reform, throwing up tremendous opportunities, for working together. Since assuming office in May 2014, the new government has undertaken a number of new reform measures whose cumulative impact could be substantial. The prospects for India's economy, creates added context, for forging closer relations between India and the United States," he said.
Releasing results of a recent survey, executive director of Khaitan & Co Paku Khan said 77 percent of respondents "feel positive" after pro-industry, pro-reforms budget.
At the same time, 82 per cent "expressed concern" on India's low ranking in "Ease of Doing Business" as deterrent to investment.
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