• twitter-icon
Unlimited Tax Return Filing


Need Tax and Trade Relaxation to Improve Business in India: US Manufactures

The National Association of Manufacturers (NAM)- largest manufacturing association in United States, with an aim to increase investment and grow themselves in the Indian manufacturing market, sent an urgent request to the Obama administration to remove the obstruction from the trade and taxation in the Indian economy.

need tax and trade relaxation

Jay Timmons, NAM CEO and President sent a list of requests as per their precedence in a joint letter to the Commerce Secretary Penny Pritzker and US Trade Representative Michael Froman. And said,”As detailed in the attached review of priorities, manufacturers in the United States are seeking tangible progress on India’s stated goals of improving the ease of doing business in India and advancing manufacturing and innovation in its economy to increase investment and growth.”

Timmons said “NAM is writing this letter along with the document as the administration prepares for a major India-US bilateral summit during an expected visit by Prime Minister Narendra Modi in June. The letter along with the document NAM said provides a specific set of deliverables that, if achieved, would represent real progress toward addressing longstanding commercial barriers that manufacturers have faced in India and would also move India forward on the promises it made.”

NAM said “Stakeholders in both the US and India can benefit from policies that promote more open markets, eliminate discriminatory  barriers and strengthen intellectual property protection” and “Progress on these issues is needed to foster a stronger, more productive and mutually beneficial commercial relationship between the two countries and pave the way to innovation and new economic opportunities.”

NAM said “India is a global economic power with rising household incomes and a burgeoning middle class. It is the world’s fastest growing large economy – ahead of China – and is ranked by the World Bank as the world’s third largest economy by purchasing power parity (PPP) – ahead of Japan. India’s rapid growth represents an enormous opportunity to expand the US-India economic relationship, which has been characterized over the last decades by relatively low trade and investment levels”.

It said “when Modi took office in 2014, manufacturers hoped his vision would be translated quickly to action as the government declared India ‘open for business’, committed to boost foreign investment and sought to boost engagement with the US to address a range of economic and commercial challenges facing businesses in both countries.”

“Since that date, the US and Indian governments have restarted and expanded their commercial dialogue, including two critical forums to discuss economic and commercial issues – the US-India Strategic & Commercial Dialogue (S&CD) and the US-India Trade Policy Forum (TPF),” it said.

Source: Economic Times, India.com, India Today.in

Read Also:  Shocking! Taxpayers Account for Just One Percent of Indians in 2012-13

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Mayank Sharma (Ex-employee)
Hello, i describe myself as a software engineer, done my engineering in Information Technology stream from JNIT, Jaipur. Always passionate to know about the evolving technological world and also want to share the same with the others in my own way of expressing. So i chose content writing as a full time profession and currently working with SAGInfotech PVT. Ltd, Jaipur. I am polite, tolerant and introvert by nature and always supports non violence. View more posts
SAGINFOTECH PRODUCTS

Leave a comment

Your email address will not be published. Required fields are marked *

Follow Us on Google News

Google News

Latest Posts

New Offer for Tax Experts

Huge Discount on Tax Software

Upto 20% Off
Tax, ROC/MCA, XBRL, Payroll, Online GST

Limited Offer, Hurry

Best Offer for Tax Professionals

Upto 20% Discount on Tax Software

    Select Product*