Washington, September 3
The United States has urged India to create an atmosphere that can foster its place within the world provide chain and stated that the nation continues to face challenges in the marketplace entry entrance regardless of enchancment within the ease of doing enterprise.
Observing that the coronavirus pandemic could give rise to self-sufficiency and self-reliance sentiments amongst struggling economies, Joseph Semsar, Deputy Under Secretary of Commerce for International Trade, stated India with its “Atmanirbhar Bharat” Initiative has put ahead a programme that places a query 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 stated on the third India-US Leadership Summit organised just about 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 stated in response to a query from Anish Shah, deputy managing director and group CFO, the Mahindra group, who can also be a USISPF board member.
“India has improved its ease-of-doing-business index, but challenges remain on the market access front,” he stated.
“There are concerning issues regarding data localisation, intellectual property rights, high tariffs, duplicative safety and security testing, price controls, and FTI restrictions in sectors like insurance,” he added.
These are the challenges that India and the United States need to work collectively to resolve, Semsar stated.
Noting that the Trump administration has lengthy recognised the necessity to diversify provide chains for each financial and nationwide safety of the US, he stated that enterprise leaders are lastly realising that they can’t depend on unsuitable sources for his or her manufacturing.
The coronavirus pandemic has proven how simply provide chains can weaken and in some circumstances, even break down solely.
“On this front, India has the potential to become a global supply chain leader in the Indo-Pacific region and beyond,” Semsar stated. PTI