“One of the concerns, Indian businesses are seeking to address, and where the US Congress can help them, is about the current debate, on restrictions on the movement of high-skilled non-immigrant professionals employed by Indian IT companies into the United States,” Taranjit Singh Sandhu, Charges d’Affaires of the Indian Embassy in the US, said. “These discriminatory provisions, if they are enacted, will essentially create a market access barrier, for Indian IT companies in the US and will, not only cause damage, to their operations, but will also impact the ability of US companies, who depend on their services to innovate, grow and be competitive, and affect the local economies,” Sandhu said on Nov 19.
The Indian IT industry has led the way, in strengthening the India-US trade and investment relationship, Sandhu said adding that on Nov 20, companies like TCS, Wipro, Infosys and HCL employ well over 50,000 US citizens and support more than 280,000 other local US jobs.
“They are integral, to the operations of many US companies, helping them in developing new products, and improving operations and efficiencies,” he argued.Trade and economic partnership, remains a central pillar of expanding India-US ties, creating jobs for hundreds of thousands of people in both countries, he said. “Our bilateral trade today, has reached 100 billion dollars, and maintains an upward trajectory.
Indeed, despite global economic slowdown, US exports in goods and services to India, which is nearing $ 50 billion, have grown by an impressive 12 percent, in the first half of 2013,” Sandhu said.
Noting that US is an important source, for foreign direct investment, in India, he said for the US, India is now, among, the fastest growing sources, of inward investment.
More than 65 large Indian corporations, including TATA, Reliance, ESSAR, Piramal and others , have invested in the US, about $ 17 billion, in a number of US states, including Colorado, Oklahoma, Georgia, Idaho, Tennessee and Kansas among others over the last five years, he said. Taking note of the concerns expressed in US about the pace of reform in India and it’s investment climate, Sandhu said New Delhi is sensitive to these views. “Government of India has focused, on improvement of our investment regulations, leading to significant FDI liberalisation, in the past year, in a number of sectors, of US interest – including, multi-brand and single-brand retail, civil aviation, telecommunications and defense,” he observed. “In addition, clearances for pending projects, have been fast-tracked, taxation issues have been addressed upfront and clarified, and the much talked about Preferential Market Access guidelines for private sector companies have been kept in abeyance,” Sandhu said. (PTI)