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K.R. Srivats

New Delhi, Aug. 10 Switzerland wants India to further liberalise its markets for banking services. A case is also being made for the country to look at reducing taxes on Swiss watches.

“The market (for banking) is kind of protected by the Government. You should liberalise and open it up,” Ms Doris Leuthard, Federal Councillor and Minister of Economic Affairs, told Business Line.

“We face this problem in many developing countries. It would also be in India’s interest to allow competitors to come here.”

She said that the need to further open up the banking sector would be discussed in her interaction with the Finance Minister, Mr P. Chidambaram.

Another issue that would be raised before the Government is the high level of taxes on Swiss watches, she added.

The Swiss Minister said that high taxes (about 48 per cent of the price) come in the way of sales of Swiss watches in India.

Ms Leuthard, who was here on a short visit to sign a MoU with India on protection of intellectual property rights, plans to lead a high-powered Swiss business delegation to India next year.

She also made it clear that there was no risk of the Swiss Government getting involved in the Novartis case.

“Normally we are not involved in the private sector. We as Government are independent. I also don’t see any concrete problem with the Indian patent law.”

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