India, the United States is considering a new business climate
US President Barack Obama and US business leaders Monday expressed concern over a lax intellectual property rights (IPR) and unpredictable tax system in India, prompting Prime Minister Narendra Modi to provide an open business climate and stable tax policy.
Obama also announced a $ 4 billion dollars of investment in India, including $ 1 billion to finance the export of products manufactured in the United States. Obama and pitched Modi for programs' do-in "of their respective countries.
Referring to upwards of 50 percent of US investment in India, Modi said: "I know that some of the commitments made in September in Washington began to circulate. Yes, I keep track of these things.
The Forum of India-US CEO, the US president said his country exporters were "very concerned" about issues such as intellectual property is the US increasingly becoming an economy based on the knowledge.
He said "the lack of effective protection of intellectual property" in India was affecting business.
"We tend to operate at higher end of the global value chain," he said at the meeting, which included Honeywell CEO Dave Cote, Indira Nooyi of PepsiCo, Harold McGraw, president of McGraw-Hill Financial, Ajay Banga CEO Mastercard, and Bob Iger, CEO of Walt Disney Company.
The Indian side included Cyrus Mistry Tata Sons Chairman, who, with the French was co-chairman of the forum of business leaders. Others who attended included HDFC Chairman Deepak Parekh, RIL Chairman Mukesh Ambani, ADA Group Chairman Anil Ambani, Adani Group Chairman Gautam Adani, ONGC CMD Dinesh K Saraf, SBI Chairman Arundhati Bhattacharya, group leader Jubilant Bhartia Hari S, BHEL head B Prasada Rao, Biocon CMD Kiran Mazumdar-Shaw and Sunil Mittal of Bharti Enterprises.
Mazumdar-Shaw later said US companies have complained of counterfeiting and piracy in India, where she hoped to be resolved by a bilateral mechanism.
Parekh said Iger has raised the issue of movie piracy. Even Modi has acknowledged that there was piracy in computer software and movies. Finance Minister Arun Jaitley also incharge of information and broadcasting, said the issue would be discussed.
After the US Trade Representative (USTR) last year had said in his highly anticipated annual special report 301 that laws and enforcement of IPR in India would be closely monitored by launching an out-of-cycle review, two countries tried to limit their differences through the trade policy forum. The Department of Industrial Policy and Promotion has a project on intellectual property policy in the public domain to revise the policy in general.
Indian companies have expressed concerns about visa restrictions and restrictions on gas exports from the United States to India.
Obama sought "coherence" and "simplicity" in the tax and regulatory environment in India to significantly increase trade and business between the two largest democracies in the world.
More US investment in India, Modi said at the Summit India-US business organized right after the meeting of the CEOs of the US Business Council in India, Industrial Confederation Indian (CII) and the Federation of Indian Chambers of commerce and Industry (FICCI), that his government had removed some of the "excesses of the past" and promised visiting uS dignitaries "we will soon address the uncertainties."
The Modi government has repeatedly stated retrospective change in the Tax Act on income investors were frightened and said in the budget for this fiscal year that any costs arising if the amendment would be examined by a committee of high level of the Central Council of direct taxes before any action was initiated.
Promising $ 4 billion of loans by US banks, Obama said his country was ready to help India develop by working with it in the development of infrastructure such as railways, ports, roads and central clean energy. Program 4 billion includes $ 1 billion to finance US exports, the same amount for small and medium industries and $ 2 billion for renewable energy projects.
At the meeting with CEOs, Modi said he would personally take charge of the implementation of major projects and monitor.
"You'll find an environment that is not only open, but also welcoming. We will guide you and walk with you in projects. You will find a climate that encourages investment and rewards business. It will encourage innovation and protect your intellectual property, "he said.
"There are still obstacles," said Obama, adding that it was necessary to streamline regulations, cut the red ribbon and jump through the bureaucracy.
Appreciating Modi reform initiatives to make investments, he said, "We need to encourage trade rather than stifling. We must be transparent, consistent and protector of intellectual property rights. "
"We can work together to develop new technologies to help India leap forward and partner in clean energy projects next generation and modernization of railways, roads, ports, airports and connectivity broadband connectivity to deliver the best in the world, "he said.
He also spoke of the three smart cities --Allahabad, Ajmer and Visakhapatnam - that the US help in upgrading infrastructure.
Reviewing his visit, Obama said the two countries had "a number of concrete measures" for more investments and returned to the breakthrough in civil nuclear agreement, cooperation in defense, renewable energy and protection treaty bilateral investment (Bipa).
"When leaders make agreements, agencies and bureaucracy follow through," he said. "We can grow and we can prosper together."
Obama called the current bilateral trade of $ 100 billion and compared to the Sino-American trade of $ 560 billion, saying, "It can give you an idea of this potential can free India."
India accounts for only two percent of US imports and 1 percent of its exports, Obama said, expressing surprise that 1.2 billion people consumed a small proportion of US exports. In particular, trade in goods between India and the United States was much less $ 61.6 billion in 2013-14.
Listing the achievements of his government, Modi said that the business climate in India was one of the highest among major Asian markets and consumer confidence had turned positive after three years.
"The growth in eight key sectors of the economy has greatly increased inflation is a five-year low;. 110 million new bank accounts were opened in the last four months of the US investment increased by 50 percent in the first six months. my government, "he said.
Obama said that US companies could help India to digitize accounts opened under the financial inclusion of the Premier program.
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