EU wants India to remove bureaucratic hurdles

By agencies   |   Tuesday, 28 June 2005, 07:00 Hrs
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BRUSSELS: Buoyed by the rapid growth of the Indian economy, European Union has decided to upgrade economic cooperation with it at par with China but wanted New Delhi remove bureaucratic hurdles hindering flow of foreign investment.

"India is very fast growing economy. India is at the top of the list," senior EU officials said adding the country was now as important as China for trade and economic relations.
India is not only having increased growth but a few countries maintain such high growth, the officials told visiting Indian journalists.

"Earlier, India was important in our economic relations, but China was more important," they said adding, "this has changed. India is now as important as China in developing trade and economic relations."

There has been general reduction in tariff and UPA Government has promised to bring them down further to the ASEAN level, they said emphasizing the far-reaching tax
reforms in the budget and introduction of VAT in states have improve the economic environment.

"The economic reforms are moving. The License Raj is being gradually taken away. System of handling companies with heavy handedness is gradually disappearing," they said praising the UPA Government for pursuing reforms despite the compulsions of coalition politics.

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