PC sells India growth story
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Washington: Finance minister P. Chidambaram on Thursday invited American companies to establish manufacturing plants in India, as he defended Indian economic policies as growth oriented and WTO complaint, and emphatically raised New Delhi’s concerns over the comprehensive immigration reforms.
Chidambaram, who is here on a four-day trip to attend the annual leadership summit of the US-India Business Council and meet his American counterpart Jack Lew, today met leaders of the US corporate sector, who of late have been critical of Indian policies on trade and business related matters.
He also met Senator Max Baucus, chairman of the powerful senate finance committee. In his meeting with CEOs and senior leaders of companies, with substantial investments in India, Chidambaram emphasised the need for US companies to set up local manufacturing bases in India, saying “it is in the mutual interest of both countries for India to become a large manufacturing economy”.
The companies were Microsoft, Lockheed Martin, Boeing and International Lease Finance Corporation (IL-FC).
The issues highlighted by the firms were related to transfer pricing; impact of the comprehensive immigration Bill recently passed by the US Senate on future business prospects of Indian IT companies operating in the US, and taxation.
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