The Alliance for Fair Trade with India (AFTI), an American trade body, has said that only ‘substantial reforms’ will boost the Narendra Modi-led government’s efforts to bring in high value added Foreign Direct Investment (FDI)
“Only substantive reforms will advance the Modi governments efforts to promote Make in India, attract high value-added foreign direct investment, and move up the economic value chain,” the body 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 Indias aspirations to rise as a globally-competitive country,” it said.
In its statement, AFTI also expressed disappointment over last weeks 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.