India is committed to ensuring a transparent, fair and non-discriminatory investment environment for foreign investors, finance minister P Chidambaram said to US senate’s finance committee chairman Max Baucus, according to a statement issued by the Indian embassy.
He said that though some concerns have been raised about the current business environment in India, the policies adopted by the Government of India are pro-growth and WTO compliant.
There have been some concerns in the US about India’s patent laws, preferential market access and transfer pricing.
In meetings with CEOs and company leaders, the finance minister said India was taking steps to implement recommendations of the Arvind Mayaram Committee on enhancing FDI caps in many sectors.
He emphasized the need for US companies to set up local manufacturing bases in India, saying “it is in the mutual interest of both countries for India to become a large manufacturing economy”.
Separately in New York, commerce minister Anand Sharma asked US businesses to look at India as a long-term business and investment opportunity, outlining steps it was taking to create the right conditions.