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US describes India as one of most restrictive economies
New Delhi, Nov 22: United States today described India as among the `most restrictive` economies in the world and said corruption and bribery in the country were frightening away businessmen and investors.
New Delhi, Nov 22: United States today described India as among the 'most restrictive" economies in the world and said corruption and bribery in the country were frightening away businessmen and investors.
"Various indices of trade and investment restrictiveness rate India among the most restrictive countries in the world. Barriers to enhanced trade on the sub-continent remain very high. With regard to good governance, corruption and bribery are widespread, frightening away honest businessmen and investors," US treasury secretary Paul H O'neill said here.
Speaking at a CII meeting, he said Indian government should lift trade and investment barriers to attract foreign investment and attain higher growth of the economy but justified US government's action of imposing anti-dumping duties on steel.
Average import duties in India were about 32 per cent, three times that in other Asian economies like Indonesia, Malaysia, Philippines and Sri Lanka, he said.
"This figure does not include many hidden obstructions to free flow of goods across the borders," O'neill said and added that India's trade with its closest neighbours should be strong as in the case of US trade with Canada and Mexico.
O'neill said if all countries lift barriers, the world gross domestic product would grow by 2 trillion dollars.
While asking India to lift trade barriers, he justified the anti-dumping duties imposed by US on steel saying exporting countries dumped steel at below total cost and in some cases even below the variable cost.
"Various indices of trade and investment restrictiveness rate India among the most restrictive countries in the world. Barriers to enhanced trade on the sub-continent remain very high. With regard to good governance, corruption and bribery are widespread, frightening away honest businessmen and investors," US treasury secretary Paul H O'neill said here.
Speaking at a CII meeting, he said Indian government should lift trade and investment barriers to attract foreign investment and attain higher growth of the economy but justified US government's action of imposing anti-dumping duties on steel.
Average import duties in India were about 32 per cent, three times that in other Asian economies like Indonesia, Malaysia, Philippines and Sri Lanka, he said.
"This figure does not include many hidden obstructions to free flow of goods across the borders," O'neill said and added that India's trade with its closest neighbours should be strong as in the case of US trade with Canada and Mexico.
O'neill said if all countries lift barriers, the world gross domestic product would grow by 2 trillion dollars.
While asking India to lift trade barriers, he justified the anti-dumping duties imposed by US on steel saying exporting countries dumped steel at below total cost and in some cases even below the variable cost.
Bureau Report