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The Budget 2015-16 got the thumbs up from Ed Royce, Chairman of the US House Committee on Foreign Affairs, even as he cautioned the Government to look at certain issues which made India uncompetitive vis-à-vis other countries.
“I think the commitment for infrastructure spending (in the Budget) is important. I think the 25 per cent tax rates down from 30 per cent will bring more foreign investment here. I generally agree with the Prime Minister’s thesis of minimal government maximum governance, in other words getting more efficiency out of Government. I think that is an approach reflected in the Budget. It is clearly a step-by-step process. It is not a quantum jump. But it is a big step in the right direction,” Royce said addressing the media here on Tuesday. The event had been organised by the Vivekananda International Foundation.
The Congressman pointed out that American companies are now focussed on the opportunities in India he knew from companies across the United States as to how focussed they are right now on the opportunities in India. He added that many people were looking at the changes that were occurring and the achievements taking place here made them believe that bilateral trade could touch $500 billion from the current level of $100 billion.
But sounding a note of caution, the Congressman said some issues also needed to be addressed such as the fact that sometimes in can take 80 permits to open a hotel in India compared to 6 required in Singapore.
However, the Congressman said some issues needed to be addressed. The fact that 80 permits are needed to open a hotel in India compared to 6 required in Singapore is something that needs to be looked into.
“If these kinds of issues are addressed and the Government becomes more efficient and the process continues to open, I know from the Indian American community how much interest they have in investing,” he said.
Congressman Ami Bera, who was part of the delegation, pointed out that it was now for the people of the United States and India as also the Congress and Parliament to realise the vision of India-US relations which was has been put forward by Prime Minister Narendra Modi.
“The table is set. The devil is in the detail. The opportunity is there. This truly can be the defining partnership of the 21ssst century,” he added.
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