"Opaque corporate tax practices are still a barrier...": US envoy Garcetti on trade with India
Jan 30, 2024
New Delhi [India], January 30 : While highlighting that American companies are very interested in investing in India, the US Ambassador in India, Eric Garcetti pointed out that "opaque" corporate tax practices in the country are still a "barrier" for many companies.
Speaking at an event in New Delhi, Garcetti said, "Opaque corporate tax practices are still a barrier to too many (US) companies that want to be here. This is a great moment for all of you to recruit US companies."
However, he highlighted that many CEOs of US companies are showing much interest in investing in India.
The US envoy said that the strong growth rate of Indian companies and the strengthening of laws will incentivize more investment in the country.
"Every CEO is saying 'Tell me about India, get somebody who can explain India, I want to go visit India'. They want to invest. But, we have to make sure there is protection for intellectual property..." he said.
"Today, Indian companies are producing patterns at such a rowing rate compared to the past, strengthening this with a rule of law, but the consequences. It will incentivize more investment because people know these investments will be protected for a longer period of time," Garcetti added.
Earlier at the event, he also hailed the ties between India and the United States and said that the relationship between the two nations is multiplicative in nature. He added that when India and the US come together, the relationship becomes very important for the world.
"...What this US-India relationship is about and I've been telling people recently that this is not India plus the United States. It is not an addition, an additive relationship," Garcetti said at an event here in Delhi.
He noted, "It's multiplication, a multiplicative relationship that, when we come together, is more powerful than just the two elements for ourselves and just as important for our world."
