The US said India “remains a bottleneck” for doing business and called on India to create an attractive and safe investment environment by removing investment barriers and minimizing bureaucratic hurdles
The US said India “remains a bottleneck” for doing business and called on India to create an attractive and safe investment environment by removing investment barriers and minimizing bureaucratic hurdles.
The US State Department said in its investment climate report released Wednesday 2021 that India and India “continue to be difficult countries to do business” and that Jammu and Kashmir's special constitutional status
" New protectionist measures, including increased tariffs, procurement rules that limit competitive choices, sanitary and phytosanitary measures not based on science, and Indian-specific standards not aligned with international standards, effectively closed off producers from global supply chains and restricted the expansion in bilateral trade," the report stated.
The State Department said in its report that during the first 100 days of the second term of the National Democratic Alliance (NDA), two "conflicting" decisions were made.
India claims that the CAA is an "internal affair" and that "no foreign country has a position on issues related to Indian sovereignty." India has strongly stated to the international community that repealing Article 370 is its own problem.
In response to the economic hardship caused by the COVID-19 pandemic and the resulting national isolation, the US State Department said India has implemented extensive social assistance programs and economic stimulus and increased spending on infrastructure and public health.
"The government also adopted production linked incentives to promote manufacturing in pharmaceuticals, automobiles, textiles, electronics and other sectors. These measures helped India recover from an approximately eight percent fall in GDP between April 2020 and March 2021, with positive growth returning by January 2021," it said.
Noting that the Indian government continues to actively encourage foreign investment, the report notes that India's ambitious post-COVID-19 structural economic reforms, including new labor laws and agricultural sector reforms that will help attract direct private and foreign investment, are said to have begun.
In February 2021, Finance Minister Nirmala Sitaraman announced plans to raise $ 2.4 billion through an ambitious privatization program that significantly reduces the state's role in the economy.
In March 2021, Parliament continued to liberalize India's insurance sector, increasing the cap on foreign direct investment (FDI) from 49% to 74%, despite the fact that the majority of the board of directors and management must be Indian citizens.
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