FDIs flow at slow pace into India
We do want a self-reliant India but no country can be self-reliant anymore… The rhetoric that everything has to be made here in India will slow down the pace if you tax inputs. If you tax inputs, you tax your outputs. You’re not taxing us, you’re not protecting a market. What you’re doing is limiting a market
In May 2020, during the pandemic, Prime Minister Narendra Modi launched the “Atmanirbhar Bharat” scheme under the Ministry of Finance, Ministry of Defence, Ministry of Health, and Ministry of Electronics & IT. The aim was to reduce import reliance on third countries.
Courts often decide that there’s been violations of intellectual property but then there’s no consequence. This is now increasingly important to Indian companies too because they are producing patents at a roaring rate,”
US companies wanted reassurance and protection for intellectual property.
Export control and policies have to change if India is going to achieve her goals… We have a $40 billion deficit with India and an even greater one with China. We want to see FDI (foreign direct investment) from China shift here… but FDI isn’t flowing into India at the pace that it should. Instead, it’s going to Southeast Asia in countries like Vietnam,” Garcetti added.
In 2022, the US’ goods and services trade deficit with India was 758.4 billion with China, according to data from the US government.
FDI isn't flowing into India at pace it should' & New Delhi must not view its self-reliance as 'fortress' US Ambassador to India Eric Garcetti
