‘One of the concerns, Indian businesses are seeking to address, and where the US Congress can help them, is about the current debate, on restrictions on the movement of high-skilled non-immigrant professionals employed by Indian IT companies into the United States,’ Taranjit Singh Sandhu, Charges d’Affaires of the Indian Embassy in the U S, said.
‘These discriminatory provisions, if they are enacted, will essentially create a market access barrier, for Indian IT companies in the US and will not only cause damage to their operations but will also impact the ability of US companies, who depend on their services to innovate, grow and be competitive and affect the local economies,’ Sandhu said on Tuesday.
He was addressing the ‘Indian American Meetup’ event organised by the GOP conference and the House Foreign Affairs Committee, at the Capitol Hill. The Indian IT industry has led the way, in strengthening the India-U.S. trade and investment relationship, Sandhu said adding that today companies like TCS, Wipro, Infosys and HCL employ well over 50,000 US citizens and support more than 280,000 other local US jobs. ‘They are integral to the operations of many US companies, helping them in developing new products, and improving operations and efficiencies,’ he argued.
Trade and economic partnership remains a central pillar of expanding India-U S ties, creating jobs for hundreds of thousands of people in both countries, he said.
‘Our bilateral trade today, has reached $100 billion and maintains an upward trajectory. Indeed, despite global economic slowdown, US exports in goods and services to India, which is nearing $50 billion and have grown by an impressive 12 per cent, in the first half of 2013,’ Sandhu said.
Noting that US is an important source for foreign direct investment in India, he said for the US, India is now, among the fastest growing sources of inward investment.
More than 65 large Indian corporations, including TATA, Reliance, ESSAR, Piramal and others, have invested in the US, about $17 billion, in a number of US states, including Colorado, Oklahoma, Georgia, Idaho, Tennessee and Kansas among others over the last five years, he said.
Taking note of the concerns expressed in the US about the pace of reform in India and it’s investment climate, Sandhu said New Delhi is sensitive to these views.
‘Indian government has focused on improvement of our investment regulations leading to significant FDI liberalisation in the past year in a number of sectors including multi- and single-brand retail, civil aviation, telecommunications and defence,’ he observed.
‘These discriminatory provisions, if they are enacted, will essentially create a market access barrier, for Indian IT companies in the US and will not only cause damage to their operations but will also impact the ability of US companies, who depend on their services to innovate, grow and be competitive and affect the local economies,’ Sandhu said on Tuesday.
He was addressing the ‘Indian American Meetup’ event organised by the GOP conference and the House Foreign Affairs Committee, at the Capitol Hill. The Indian IT industry has led the way, in strengthening the India-U.S. trade and investment relationship, Sandhu said adding that today companies like TCS, Wipro, Infosys and HCL employ well over 50,000 US citizens and support more than 280,000 other local US jobs. ‘They are integral to the operations of many US companies, helping them in developing new products, and improving operations and efficiencies,’ he argued.
Trade and economic partnership remains a central pillar of expanding India-U S ties, creating jobs for hundreds of thousands of people in both countries, he said.
‘Our bilateral trade today, has reached $100 billion and maintains an upward trajectory. Indeed, despite global economic slowdown, US exports in goods and services to India, which is nearing $50 billion and have grown by an impressive 12 per cent, in the first half of 2013,’ Sandhu said.
Noting that US is an important source for foreign direct investment in India, he said for the US, India is now, among the fastest growing sources of inward investment.
More than 65 large Indian corporations, including TATA, Reliance, ESSAR, Piramal and others, have invested in the US, about $17 billion, in a number of US states, including Colorado, Oklahoma, Georgia, Idaho, Tennessee and Kansas among others over the last five years, he said.
Taking note of the concerns expressed in the US about the pace of reform in India and it’s investment climate, Sandhu said New Delhi is sensitive to these views.
‘Indian government has focused on improvement of our investment regulations leading to significant FDI liberalisation in the past year in a number of sectors including multi- and single-brand retail, civil aviation, telecommunications and defence,’ he observed.