Allaying doubts about India’s success story, External Affairs Minister S.M. Krishna has assured American business that India will restore investor confidence and regain economic momentum and growth.
“In an era of global inter-dependence, not everything is within the powers of national governments,” he said in a keynote address Tuesday at 37th US-India Business Council (USIBC) Leadership Summit on the theme ‘Securing the 21st Century Partnership’
“But we are confident that we will restore investor confidence and regain economic momentum and growth,” Mr. Krishna said at the event on the eve of the third India-US strategic dialogue that he co-chairs with Secretary of State Hillary Clinton.
“Questions have been raised about economic policy and commitment to implement reforms. Doubts have been expressed whether the story of Incredible India will remain credible!” he said.
India’s confidence, Mr. Krishna said, “stems not just from the strong fundamentals of our economy, but, also from the fact that virtually every political party in India has been at some point part of the reform process.”
While expressing “great confidence in the future of India-US economic partnership” the minister outlined various pressing issues faced by Indian businesses in America.
These included “the worsening environment for mobility of professionals, the protectionist sentiments against the global supply chain in services industry and the refusal to even consider a Social Security Agreement affecting 300,000 non-immigrant Indian professionals in the US.
Krishna also expressed concerns over “the unresolved market access issues, or, the persisting presence of India in the Super 301 priority watch list and the US Department of Labour’s list” identifying trade barriers to US companies and products.
However, the progress the two countries have made gives them the confidence to deal with the challenges in their relationship, Mr. Krishna said noting that India-US trade in goods and services has reached a milestone by crossing $100 billion dollars last year.
India’s planned investment of more than a trillion dollars in infrastructure development over the next five years also offered enormous opportunities for expanding the India-US economic partnership, he said.
As the two nations have built a comprehensive architecture of engagement, Mr. Krishna said Wednesday’s strategic dialogue will be an opportunity “to renew our commitment and reinvigorate our efforts to keep striving towards the peak of our potential.”