India questions Obama views on economic
reforms
Monday July 16, 2012 07:03:28 PM,
IANS
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New Delhi: The
government Monday questioned US President Barack Obama's
perception of India's economic reality and asserted that policy
making is a "sovereign" right of the country.
"There is always a difference between perception and reality.
India remains one of the most attractive destinations for foreign
investors," Commerce and Industry Minister Anand Sharma told
reporters here.
"We have adopted a calibrated approach in liberalisation."
Sharma said India's foreign direct investment (FDI) policy regime
is investor-friendly and the country had taken an array of steps
to liberalise the economy and ease norms related to foreign
investments.
Quoting a study conducted by the United Nations Conference on
Trade and Development (UNCTAD), Sharma said in terms of attracting
foreign investments, India was among the top three countries in
the world.
The minister was reacting to Obama's interview to a news agency in
which he expressed concern over the deteriorating investment
climate in India and called for pushing up the reform process,
especially allowing overseas investments in retail.
He urged the US to "demonstrate leadership" in bringing down trade
barriers and encouraging capital flows.
"The US should be taking forward the stalled Doha Development
Round of the WTO to a meaningful conclusion."
Corporate Affairs Minister Veerappa Moily said fundamentals of the
economy were strong and the corporate lobbies led by the companies
like Vodafone were spreading negative view of India.
"Certain international lobbies like Vodafone are spreading this
kind of a story and Obama was not properly informed about the
things that are happening in India," Moily said.
Deputy Chairman of Planning Commission Montek Singh Ahluwalia,
however, said many countries had voiced such concerns and the
government would take these factors into account while formulating
policies.
"Many countries have been expressing concern over the investment
climate. We should take these factors into account," Ahluwalia
said, but there is no particular reform that would change these
perceptions.
"We need to strengthen the investment climate. I don't believe
that the agenda of reform is ever coming to an end," Ahluwalia
said.
Political parties also reacted sharply and asked the government
not to succumb to US pressure while taking decisions on economic
reforms.
Former finance minister and senior Bharatiya Janata Party leader
Yashwant Sinha said India should open up the retail sector for
overseas investments as and when required and it may not be done
under pressure from the US.
"If Obama wants FDI in retail and India does not want, then it
won't come just because he is demanding it," Sinha said.
The Communist Party of India-Marxist (CPI-M) objected to the
remarks by Obama that India open the doors to Wal-Mart for retail
trade and other American investments in India.
"The statement is a brazen attempt to pressurize the UPA (United
Progressive Alliance) government to adopt such steps as opening
multi-brand retail to FDI.
"The Manmohan Singh government should not succumb to this
pressure," the party said in a statement.
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