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Prime Minister Narendra Modi’s visit to the United States last month seems to have sent strong optimism across the business and industry community in the Western country. A US diplomat here informed that sentiment of US firms towards India has turned more optimistic after the Prime Minister visited US last month.
Speaking on the sidelines of an inauguration of US-based nutrition player Abbott’s Jhagadia factory, Thomas Vajda, Consul General, US Consulate-Mumbai maintained that Modi’s visit to the US gave an opportunity to both the countries to look at those issues that are affecting the bilateral trade.
“We have lots of concerns and issues pertaining to intellectual property rights but these are the issues that both the sides have committed to talk about and work through. There have been some concerns about some barriers to the entry, market access or manufacturing in India,” Vajda told BusinessLine.
“But there is an excitement in the US business community that the Prime Minister has had a successful track record in his home state of making business climate conducive and streamlining regulatory processes (thereby) making it easier for companies to both produce and sell in India,” he added.
It may be noted that US companies especially from the pharmaceuticals sector have been raising concerns about India’s ‘protectionist intellectual property rights regime, which was seen hurting the US innovators’ business prospects in India.
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