Taxation to be discussed during Obama visit: Jayant Sinha

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SME Times News Bureau | 24 Jan, 2015
Union Minister of State for Finance Jayant Sinha Friday said issues such as taxation, visa, labour laws and intellectual property right (IPR) will be discussed between Indian and US, during President Barack Obama's visit to India.

"There is a packed agenda. Many topics will come up for discussions. We will discuss irritants like tax issues, visa, IPR and nuclear liability," Sinha said at the Third India Today Global Roundtable here Friday.

Sinha described the visit as a major event during which trade-offs are expected to happen.

"If some trade-offs are going to be made it will be made by the principals in this summit," Sinha said.

According to Sinha, the Indo-US relations in several areas like economy, defence and people-to-people linkages will reach new highs due to this visit which he described as "unprecedented."

"This visit is unprecedented. As President Obama is going to be the first president to visit India twice in his presidency. He will be the visit US president to be chief guest during Republic Day parade and such high level summits which will take place in such a short period of time," Sinha said

Sinha said the business-to-business and people-to-people linkages between India and US are extraordinary.

Sinha further said that the government's efforts in introducing reform process has reinvigorated investor confidence in India and that the country can look forward to a huge influx of foreign direct investment (FDI).

"I would say the reforms are durable and work is being done on (reforms) of labour laws, registration of business and ease of doing business in India," Sinha said.

The minister pointed out various plans for influx of FDI in India, including Amazon's announcement for investing $2 billion in the country and South Korean steel major Posco's finalisation of setting up a plant with SAIL.

"There is a tidal wave of FDI that is coming in and this shows the confidence in India. Business people are not just cautiously optimistic about India they are very optimistic about India and the trends are crystal clear."