The United States has asked India to allow more market access through reduction in tariffs and removal of bureaucratic red tape to attract more investments and warned that unless that happened India could be left behind. Addressing captains of the Indian industry, William H Lash, US Assistant Secretary of commerce for market access and compliance said "Policies like granting subsidies and red tape make it difficult to invest in India".
"US investment has shrunk here, our trade has decreased. We don't want India to be left behind in the trade game, but unless India shows it wants to be taken seriously the possibility that India will be left behind is all too real," he said, addressing a meeting organised by CII. India, in its response, said it was firm in its policy of economic reform and privatisation and though its progress had been slow it was steady.
"We will be slow but steady. Don't expect us to grow like China as we want to move in a sure-footed manner," Additional Secretary, Commerce Ministry, S N Menon said in his address.
Lash is leading a high level delegation to India, the first from the US Commerce Department this year. He said his trip was an attempt to engage in dialogue with India and deepen economic relations.
Describing India as an important market, Lash said US' seriousness to deal with India could be guaged from the fact that US trade officials would visit India at least once in four months. Bureau Report