President Biden's Administration, Corporate Sector Hailed Economic Reforms By India: FM Sitharaman

Sitharaman said the reforms that “we have undertaken, particularly the steps taken for the withdrawal of the retrospective tax” have been mentioned by the US administration as a “very positive step”.

Finance Minister Nirmala Sitharaman (File Photo/ PTI)

New Delhi: Union Finance Minister Nirmala Sitharaman has said President Joe Biden’s administration and the corporate sector leaders in the United States have hailed India’s recent economic reforms.

Sitharaman said the reforms that “we have undertaken, particularly the steps taken for the withdrawal of the retrospective tax” have been mentioned by the US administration as a “very positive step”.

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“The businesses with whom we have been interacting have also welcomed that decision. Many of them thought it was bold and even though it took some time to come. We have also explained that they were legal compulsions before which we had to wait because some of the litigations which were going on had to come to a logical conclusion,” Sitharaman said during her interaction with reporters at the conclusion of the Washington DC-leg of her US trip, PTI reported.

“We waited and the moment the logical conclusions were reached, we went to Parliament in withdrawing that. That’s been overall very positively welcomed,” she added.

When asked to comment on the trade deal with the US, Sitharaman said the focus during her visit was on investment incentivising agreement for which there is time till December.

“We have spoken about it. The two countries would like to carry on the negotiation and conclude at the earliest,” Sitharaman said.

“But on the larger issue of the trade itself, is something which commerce (ministry) is working together with the (American) counterpart. So, I have not engaged in depth into that,” she added.

The Finance Minister, who started her week-long trip from Boston, will next visit New York for an interactive session with the business community before flying back to New Delhi.

Sitharaman, who participated in the International Monetary Fund (IMF) and the World Bank annual meetings during her visit, threw light on India’s economic recovery and Prime Minister Narendra Modi government’s commitment to long-term reforms.

The Finance Minister also had a series of meetings with the business leaders both in Boston and Washington DC.