US Senator hails reformist budget of Modi Government

Tags: News
A top American Senator has hailed several provisions in the maiden budget of the new Indian Government saying it reflected the willingness of Prime Minister Narendra Modi to tackle some of the regulations that have stifled foreign investment in India.

"I am extremely pleased by Prime Minister Modi's willingness to tackle some of the regulations that have stifled foreign investment in the Indian economy," Senator Mark Warner, Co-Chair of the Senate Indian Caucus said.

"With the election of Prime Minister Modi, we have an opportunity to refresh the US-India relationship and work cooperatively to make progress that will benefit both of our countries. This budget is a very productive step in the process," he said.

He praised the budget which includes several provisions for the US and Indian governments such as raising limits on foreign investment.

"I have been working with the Indian government for years to encourage them to lift the caps on foreign investment, as well as to increase opportunities for American firms to bid on Indian infrastructure projects," he said.

Warner had laid out a 100-day plan prior to the beginning of Modi's new Government that included his recommendations for both the US and Indian governments.

"I am glad that the new Indian Administration has incorporated many of my recommendations into its budget, demonstrating Prime Minister Modi's commitment to grow the US-India relationship," he said.

He said the recommendations that were reflected in the Indian budget included increasing foreign direct investment in the defence sector from 26 per cent to 49 per cent; increasing FDI in the insurance sector from 26 per cent to 49 per cent and launching new infrastructure projects, which provide opportunities for US companies to participate.

These actions add to several other "First 100 Day Plan" recommendations that have been adopted in the last few weeks, he said.

Secretary of Defence Chuck Hagel has selected Frank Kendall as Under Secretary of Defence for Acquisition, Technology and Logistics to lead the US efforts for the Defence Trade and Technology Initiative.

A top level US delegation will travel to Delhi to participate in a US-India Strategic Dialogue.

Other provisions in India's budget that Warner has advocated for include a review of Indian tax regimes, which had levied unexpected taxes on foreign firms and a commitment to invest in technology, warehousing and bureaucratic restructuring to improve farm-to-market

in India.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Signalling good times, current account deficit is likely to grow from here on

    The current account deficit (CAD) numbers for April-June quarter declined sharply to 1.7 per cent of GDP.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Disruptive innovation in education

The past two weeks had a fair share of interesting ...

Rajgopal Nidamboor

Regain the spirit of focused power

For aeons, the human race has been experimenting with a ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture