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Our Bureau

Facilitates Indian professionals recover social security

New Delhi , Dec. 5

There is no reason why India and the US should not have a Totalisation Treaty, since both India and the US are bound by such treaties with other countries, said the US Under Secretary of Commerce for International Trade, Mr Franklin L. Lanvin.

In reply to a question from the Indo-American Chamber of Commerce, Mr Lanvin said both governments would work towards a `Totalisation Treaty' that facilitates Indian professionals recover the social security they pay while working in the US.

Mr Lanvin, who was heading a delegation of more than 200 executives from 250 American companies to India, making it the largest US mission ever said, "It is really a reflection of how far India has gone and how fast it is going."

Appreciating the economic reforms and the pace of growth, he observed that opening up the civil aviation sector, for example, had led to an increase of 60 per cent in flights and passengers from the US.

Mr Lanvin called for a relaxation of FDI cap in various sectors, particularly telecom, retail and satellite broadcasting, and cable television, banking, insurance and pension funds.

"Although the industrial tariff has been brought down to 12.5 per cent, compare that to the tariffs in the US which is at 4 per cent," said Mr Lanvin, calling for a further reduction of industrial tariffs.

"The question really is whether India is on a long-term path or are we looking at an India moment. Although I don't see a retreat, but I could see a plateau," he warned.

Mr Lavin also promised to follow up with the idea of an Indo-US SME forum, suggested by Mr Vinod Madhok, Regional President, Indo American Chamber of Commerce. He pointed out that 46 per cent of those in the trade mission were coming to India for the first time. "We don't need to sell India, India sells itself," said Mr Lanvin. However, he added that there were some small cultural and language gaps that intimidated American SMEs.

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