US envoy seeks changes in India's export, FDI policies

US ambassador Eric Garcetti on Tuesday called for changes in India's investment, intellectual property, export and taxation regimes and said the government's drive for self-reliance could slow the pace of trade and economic development.

- Rezaul H Laskr

NEW DELHI: Garcetti, speaking on the theme of "Strengthening Indo-US relationship in Amritkal-Aatmanirbhar Bharat" at an event organised by the Indo-American Chamber of Commerce, highlighted rapid advances made by the two sides in areas such as defence, emerging technologies, critical minerals and semiconductors.

However, he contended India and the US won't be able to realise their full potential in trade and investment unless New Delhi brings about changes in areas such as export controls, foreign direct investment (FDI), and the corporate tax regime, which he described as "opaque". He also sought the removal of other barriers for US companies to invest in India.

Noting that being "more frank with one another" is part of deepening the overall relationship, Garcetti said export controls and policy have to change for India and the US to achieve their goals and achieve the required economic growth.