Modi Govt Slow In Implementing Key Reforms: Senior US Official

NEW YORK: The Narendra Modi government has not moved as fast as expected to implement long-awaited reforms like the GST and Land Acquisition Bill, a senior US trade official said and asked American businesses to be patient since reforms cannot be implemented overnight.

"US businesses still find it difficult to do business in India due to an inconsistent regulatory environment, systemic infrastructure bottlenecks, lack of transparency and uncertainty in corporate governance rules," Assistant Secretary for Global Markets in the US Department of Commerce, International Trade Administration Arun Kumar said here.

"We consistently dialogue with the Indian government on these subjects," he said, adding that US trade and investment with India will also greatly depend on the Government of Indias efforts to strengthen the local business climate.

Kumar, in his keynote address to a session on India-US relations and impact of the Indian Budget 2016 jointly organised by the Asia Society, KPMG and US-India Business Council, said Intellectual Property Rights protection is another key concern for US businesses that will need to be addressed to prompt greater foreign investment.

He said that US companies are looking to India to "approve and implement long-awaited reforms" including the Goods and Services Tax (GST), the Land Acquisition Bill and the Bankruptcy Law that would considerably lower the burden of doing business.

Read Also: Apple FBI Row: 7 Crucial Insights
A Survey Proclaims Samsung Topping the List of India's Most Trusted Brands