US promises tax reforms, woos Indian investors

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SME Times News Bureau | 30 Mar, 2012
US commerce secretary John Bryson Thursday invited corporate India to invest in his country, and promised a more investor-friendly tax regime.

"Reform is happening in the American tax code. We have one of the highest statutory corporate tax rates for any country and that has only become more complicated since the 1980s. We are lowering the corporate tax from 35 to 28 per cent," Bryson said, addressing an exclusive session with captains of Indian industry organised by Confederation of Indian Industry (CII) in Mumbai.

Inviting US businesses to actively invest in his country, he added, "We will go all out to support businesses and people who think and act in ways that will make a difference in our relationship," he added.

Putting US-India trade relationship at the cornerstone of global business, he said, "President Obama had stated that US-India business relationship is one of the defining relationships of the 21st century. The business communities of both the countries have to give everything they can to ensure that this relationship realises its full potential."

Travelling with a delegation of 16 businesses, he said, "With your phenomenal growth millions have risen out of poverty. Your growth has led to the increased demand for US products with US exports growing from less than $4billion dollars in 2001 to over $21 billion last year. America has reciprocated this with the US receiving $36 billion of goods and services from India last year. With your aggressive plan of investing $1 trillion only in infrastructure and over 600 major projects, we want our partnership to deepen further for mutual profit."

Reiterating the importance of US-India ties, he said, "India and US businesses share the same values, concerns and the same desire to build growth and prosperity for our people. I believe that the world’s two largest democracies can work to build the world’s strongest business relationship."

Speaking at the event, B Muthuraman, President, CII & Vice Chairman, Tata Steel Ltd., said, "CII recognises that trade and investment is a two way street and we want to make this street between India and US into a superhighway. CII strongly supports businesses conducive to the growth of business in the both the countries."

Ajay Piramal, Chairman, Piramal Group said, "US is a great place for business because of its world class management, technology, transparency and good legal system among others. Yet we in India too have much to offer to American business. In addition to capital we offer you the ability to access emerging market and we would add value to your business. We are no longer in the ‘BPO’ mode but we have gone ahead and acquired Chapter 11 businesses and turned them around."

Chandrajit Banerjee, Director General, CII said, "In recent times, many Indian companies are looking for business partnerships outside India. US is a natural partner in this respect as we share many common characteristics. There are many promising opportunities and there are also challenges. At CII we believe in converting these challenges into opportunities. We are with you in pushing bilateral trade and business linkages."