U.S. chamber pitches for relaxation in investment norms

Friday, 25 October 2002, 07:00 Hrs
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NEW DELHI: An association of U.S. business organisations in India Friday urged the Indian government to relax its foreign investment norms to create an "investor-friendly atmosphere".

The American Chamber of Commerce in India (AMCHAM) pressed New Delhi to accept a report by Planning Commission member N.K. Singh suggesting removal of or increase in the limit on foreign direct investment (FDI) in several sectors.

"The challenge is now to take these recommendations forward," Singh, author of the report on FDI, said during a meeting with AMCHAM members.

"The government's touchstone of commitment to economic reforms will be managing the political economy of reforms," he added.

Pankaj Shah, chairman of AMCHAM, said: "The (FDI) report is very timely amidst the political controversy on disinvestments, which is sending out wrong signals to foreign investors."

AMCHAM will support the government in creating a proper policy framework and investor friendly atmosphere in India, Shah added.

AMCHAM members welcomed recommendations on increasing sectoral caps, creating special economic zones, expedition of privatisation process and emphasis on improving the general environment of economic reforms.

"Besides creating a proper policy framework to attract new investors, the government should encourage existing investors by providing them real incentives as they acted as economic ambassadors of India abroad," Shah said.

Source: IANS
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