Substantive reforms will help promoting ‘Make in India’: American trade body

New York City: An American trade body focused on India has said that only “substantive reforms” will advance the NDA government’s efforts to promote ‘Make in India’ and attract high value-added foreign direct investment.

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“Only substantive reforms will advance the Modi government’s efforts to promote ‘Make in India’, attract high value-added foreign direct investment, and move up the economic value chain,” Alliance for Fair Trade with India (AFTI) said in a statement.

“In a highly competitive global economy, the lack of substantive reforms and movement toward world-class regulatory and IP standards only serves to hinder India’s aspirations to rise as a globally-competitive country,” said AFTI, which for the past few years has been pushing for reforms in India.

In its statement, AFTI also expressed disappointment over last week’s India-US Trade Policy Forum meeting.

Dialogues such as the Trade Policy Forum and last month’s Strategic and Commercial Dialogue can be critical tools in the effort to find resolution to longstanding concerns, it said.

“To be meaningful, however, these dialogues must be more than simply a forum to talk and exchange views. They must result in concrete action to improve the business and investment climate in India,” it said.

“To date, these dialogues have offered far more talk than action. Last week’s Trade Policy Forum is unfortunately no exception,” AFTI said.

While AFTI is disappointed in this missed opportunity, it is India itself that is hurt the most, it added.