India is quickly emerging as an economic superpower and in order to take the economy to the next level, the country needs to start addressing different issues including intellectual property rights and other tax issues that has been a major concern for foreign investors throughout the years according to Markay Carlson a senior US diplomat in US Embassy.
He revealed that as the India is actively trying to grow the economy even further, it’s highly important to recognize the crucial role that open trade plays in this process. During the annual meeting of American Chamber of Commerce in India, he said, “For this reason, we must work with our counterparts in the Indian government to identify policies and practices that can further improve ease-of-doing-business in India and incentives trade. This includes addressing issues such as enhancing the protection and enforcement of intellectual property rights, rationalizing taxes and tariffs, and harmonizing standards with international best practices.”
He was quick to point out that although India is attracting decent amount of foreign investments, reforming longstanding issues such as ‘Goods and Services tax” and the “Bankruptcy and Insolvency” code will increase the amount of foreign investment even further. He said, “Foreign investment has also risen to unprecedented levels, with total FDI (foreign direct investment) flows between the US and India at $37 billion in 2016.”
He continued, “We have also increased cooperation on peacekeeping, disaster assistance, maritime security, and countering violent extremism.”
He also noted Indian students’ contribution towards US economy as he emphasized the importance of increasing friendly ties with other countries. During the event, he also invited Indian investors to the “2017 Select USA Investment Summit”.
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