US Commerce Secretary Gary Locke is urging India to lower tariff and non-tariff barriers to help the US double its exports by 2014 as India is an area of high growth expectations with an economy that grew 9.7 per cent in 2010.
US Commerce Secretary Gary Locke is urging India to lower tariff and non-tariff barriers to help the US double its exports by 2014 as India is an area of high growth expectations with an economy that grew 9.7 per cent in 2010.
Speaking in New Delhi as the head of a high-tech trade delegation of 24 US company representatives, Mr Locke said taxes, such as a 19 per cent levy on civil aircraft, 26 per cent on x-ray film and 50 per cent on apples make it hard for foreign companies to do business in India, said American Shipper.
Among the problems, Mr Locke identified were limits on foreign direct investment in key sectors, inadequate protection for intellectual property as well as mandatory technology transfer requirements for telecom equipment.
"India's market barriers may protect some domestic industries in the short-term. But over time, these barriers limit foreign direct investment and imports that can enhance innovation within Indian partner companies," Mr Locke said.
He was also said US companies are ready to help India achieve its "ambitious goals" for developing road, rail and transit infrastructure, high speed Internet access and electricity supply.
In an address to the Confederation of Indian Industry, he said: "US companies simply want the same treatment that foreign companies and investors receive in America."