The Narendra Modi-led government's functioning in its first week has offered a renewed sense of optimism even as no major policy decision or economic reforms have been announced, according to the US corporate sector.
USIBC encourages a dialogue between industry and the two governments to address how a constructive approach can protect Intellectual Property Rights.
Corporate America does not believe that the United States-India relationship has been oversold, but that it's certainly over-hyped. However, it is more concerned over New Delhi's recent actions such as retroactive taxes and predicts all of this will lead to foreign direct investment drying up at a time when India needs it more than ever.
With India, the last round of talks took place in February 2011.
How far investors will be convinced by Modi's promise to replace red tape with a "red carpet" remains to be seen.
The Obama administration sees India not only as a land of huge potential for expanded business and trade but also as a strategic partner in the face of an increasingly assertive China, whose leader visited Modi in India last week.
Rahul Gandhi has taken the fight to the Modi government, feels Milan Vaishnav. Aziz Haniffa/Rediff.com reports from Washington, DC.
The administration and America Inc have invested in Narendra Modi's power to transform India. Aziz Haniffa/Rediff.com reports from Washington, DC.
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