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US pushes to open indian economy more

India needs to open up its economy through steps such as reducing tariff and non-tariff barriers, lifting restrictions on foreign direct investment (FDI) and improving the protection of intellectual property, US Commerce Secretary Gary Locke said on Thursday.

business Updated: Feb 04, 2011 22:54 IST

India needs to open up its economy through steps such as reducing tariff and non-tariff barriers, lifting restrictions on foreign direct investment (FDI) and improving the protection of intellectual property, US Commerce Secretary Gary Locke said on Thursday.

Locke left for India on Friday for a week-long trade mission at the head of a delegation comprising some 24 US-companies from the fields of civil nuclear, hi-tech, security, civil aviation, information, communication and technology.

Noting that India faces huge developmental challenges — ranging from upgrading infrastructure to medical devices, to energy and upliftment of the quality and standard of life of its people — Locke said this is where American companies can facilitate the Indian government’s objectives.