U.S. Businesses Seek Clarity, Predictability In Indian Policies

Friday, 27 September 2013, 11:56 Hrs
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Washington: As Prime Minister Manmohan Singh prepares to meet top U.S. business leaders and CEOs, a leading trade body said foreign companies were keen to enter the Indian market, but there needs to be "clarity and predictability" on issues of policy and taxation.

U.S. India Business Council (USIBC) President Ron Somers said India needed to push reforms to encourage foreign investors.

"On our side it is predictability. It is all about clarity," Somers told PTI in an interview when asked what steps Indian government needs to take to attract U.S. investment.

"India is open to business, but the American companies want to come in a big way. That is where clarity and predictability comes," he said.

"It is about when we make an investment; we need to know what our tax equations are. We do not want to have the goal posts changed. One region of the country has different structure than the other. There has got to be the uniformity. There has got to be the predictability," Somers said.

USIBC is the apex trade body of American companies doing businesses in India which includes a large number of Fortune 500 companies.

"When you have that perfect storm of oil imports, no iron ore exports, the hit on the current account deficit is enormous. So, FDI is crucial part of the equation. The Finance Minister said so in his budget speech in February," he said.

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Source: PTI
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