US requests India to strengthen its position in global supply chain
Deputy Under Secretary of Commerce for International Trade,Joseph Semsar, stated that India's Atmanirbhar Bharat initiative has put forward a programme that puts a question mark on the notion of self-reliance
- Sep 3, 2020,
- Updated Sep 3, 2020 8:06 AM IST
The United States has urged India to create an environment that will foster its position in the global supply chain and said that the country continues to face challenges on the market access front despite improvement in the ease of doing business.
Observing that the coronavirus pandemic may give rise to self-sufficiency and self-reliance sentiments among struggling economies, Joseph Semsar, Deputy Under Secretary of Commerce for International Trade, said that India with its Atmanirbhar Bharat Initiative has put forward a programme that puts a question mark on the notion of self-reliance.
Our thought is that isolationist policies can also cause a decrease in exchange between businesses and economies, less technology and best practice sharing, fewer joint research and development projects and stifled innovation, Semsar said at the third India-US Leadership Summit organised virtually by the US India Strategic and Partnership Forum (USISPF).
So we urge the government of India to focus on creating an environment, fostering an environment that will enhance India's position in the global supply chain, he said in response to a question from Anish Shah, deputy managing director and group CFO, the Mahindra group, who is also a USISPF board member.
Also, foreign investors look for the ability to have majority ownership and control and their business ventures to help strategically manage and deploy resources. US companies are extremely alert to market opportunities, no matter where they exist in the world. However, in our minds, India to a certain degree can make strides and levelling the playing field by abandoning discriminatory policies, enhancing transparency and predictability and its policies and lowering the cost of doing business," he said.
"Despite having an improved overall ease of doing business -- that ranking is down to 63, out of 190 economies, which is incredible progress -- India still ranks at 136 for starting a business, 154 for registering a property and 163 for enforcing contracts." "This ultimately hurts FDI in India, but has even more harmful impact on the creation of indigenous Indian firms particularly those that might be competitive, internationally, he said.
The United States has urged India to create an environment that will foster its position in the global supply chain and said that the country continues to face challenges on the market access front despite improvement in the ease of doing business.
Observing that the coronavirus pandemic may give rise to self-sufficiency and self-reliance sentiments among struggling economies, Joseph Semsar, Deputy Under Secretary of Commerce for International Trade, said that India with its Atmanirbhar Bharat Initiative has put forward a programme that puts a question mark on the notion of self-reliance.
Our thought is that isolationist policies can also cause a decrease in exchange between businesses and economies, less technology and best practice sharing, fewer joint research and development projects and stifled innovation, Semsar said at the third India-US Leadership Summit organised virtually by the US India Strategic and Partnership Forum (USISPF).
So we urge the government of India to focus on creating an environment, fostering an environment that will enhance India's position in the global supply chain, he said in response to a question from Anish Shah, deputy managing director and group CFO, the Mahindra group, who is also a USISPF board member.
Also, foreign investors look for the ability to have majority ownership and control and their business ventures to help strategically manage and deploy resources. US companies are extremely alert to market opportunities, no matter where they exist in the world. However, in our minds, India to a certain degree can make strides and levelling the playing field by abandoning discriminatory policies, enhancing transparency and predictability and its policies and lowering the cost of doing business," he said.
"Despite having an improved overall ease of doing business -- that ranking is down to 63, out of 190 economies, which is incredible progress -- India still ranks at 136 for starting a business, 154 for registering a property and 163 for enforcing contracts." "This ultimately hurts FDI in India, but has even more harmful impact on the creation of indigenous Indian firms particularly those that might be competitive, internationally, he said.