End protectionism if you’re serious about boosting trade: India to USA
Ahead of Prime Minister Narendra Modi's US visit, starting on June 7, India on Friday said "protectionism" was creating hurdles and called for a shift from the conservative mindset to boost the Indo-American trade relations.
Union Home Minister Rajnath Singh said this while addressing a programme organised by the Indo-American Chamber of Commerce here. "There should not be protectionism. Protectionism is one the biggest hurdles between India and US trade relations. There is a need to keep away from it, because the whole world has now become a global village. In order to keep the free flow of trade globally, we should give up our conservative mindset and have an open mindset," Singh said.
"On outsourcing policy, I expect USA's approach to be more rational," he said after releasing a report titled 'India-US trade- a formidable economic force' by KPMG. Singh also said that as a part of ease of doing business, the Home Ministry is thinking of replacing the existing 10-year security clearance for foreign investors with one-time clearance.
The minister hoped bilateral trade between India and the US to touch $500 billion in future as both nations have huge potential. Of late, the industry has been accusing the US and other developed nations of implementing some rules that have become an impediment for Indian traders. The industry has alleged that some of the recent rules by the US including hike in VISA fee and restriction on job visas are part of the "protectionism" being observed by the North American country.