WASHINGTON: India Finance Minister Nirmala Sitharaman here said administration and Biden leaders from the corporate sector in the US have welcomed recent economic reforms introduced by the government.
“The reforms we have made, especially the steps taken for retrospective tax withdrawal have been mentioned by the United States administration as a very positive step,” he said.
“The business with which we have interacted also welcomed the decision,” Sitharaman told reporters here at the end of the Washington DC-leg from US journey.
From here, he will go to New York for an interactive session with the business community before flying back home.
He began a long week trip from Boston.
“Many of them (business) think it’s thick and even though it takes time to come.
We also explain that they are legal compulsion before we have to wait because some litigation that is happening must come to a logical conclusion,” he said.
“We waited and when the logical conclusion was reached, we went to parliament in pulling it.
It was so positively welcomed,” he said.
Responding to questions about trade agreements with the US, the Minister of Finance said the focus was in the investment incentive agreement that exists until December.
“We have talked about it.
The two countries want to continue negotiations and conclude earlier,” he said.
“But on a bigger problem than the trade itself, is something that is trading (ministry) who works with partners (America).
So, I have not been deeply involved in that,” he said.
No stranger to Indian-US relations, when he played a key role in this matter during the previous task as Minister of Trade and Defense, this was the first trip Sitharaman to the US after the Pandemic Covid-19 crashed into the two countries.
In addition to participating in the annual meeting of the International Monetary Fund (IMF) and the World Bank here, his visit highlighted the Indian economic recovery and its government’s commitment to long-term reform.
On the sidelines of the IMF discussion and the World Bank, Sitharaman has more than 25 bilateral meetings, the most important for them is India-US economic and financial partnerships.
The meeting was chaired by the Minister of Finance and Finance Secretary Janet Yellen.
The discussion touched the main areas of economic recovery from pandemic to macroeconomic prospects; Cooperation on global economic problems; Climate financing support for infrastructure funding and fighting terrorism financing.
He has a series of meetings with good business leaders in Boston and Washington DC.
Dinner in his honor by the Indian Ambassador to the US, Tararjit Singh Sandhu, at India’s house, was attended by high US officials, including the estimated president of John Kerry’s climate, World Bank President David Malpasth, Samantha Power and Surgeon General Dr.
Vivek Murthy .
This involvement provides an opportunity to highlight the structural reform that the government has brought during a pandemic.