Scrap sectoral caps: US envoy

If India plans to sustain a growth rate of 8 to 9 pc, it needs to open up more sectors for foreign direct investment (FDI), says US Ambassad...

If India plans to sustain a growth rate of 8 to 9 pc, it needs to open up more sectors for foreign direct investment (FDI), says US Ambassador to India David C Mulford.

‘‘As far as possible, open up all sectors. Open up completely sectors like banking, retailing, insurance, manufacturing and IT, excluding certain sensitive sectors like national defence,’’ Mulford said in a news conference here. But he hastens to add: ‘‘Open up the sectors not just to please the US but for faster growth in india.’’

Talking about the outsourcing outcry, Mulford said the hue and cry is not about outsourcing as much as it is about job losses. ‘‘Outsourcing has a lot of advantages for the US. It is how the world works today. The US administration understands that if we intervene in this matter we will be stopping stronger growth in the US and job creation,’’ he added.

Story continues below this ad

Mulford also called for a speedy resolution of the Dabhol power project issue if India is interested in fostering its global image of being an interesting centre for foreign investments. ‘‘The Dabhol issue is under negotiation and we are glad to see some movement to resolve the issue,’’ he said.

He cautioned that as long as issues such as Dabhol and the Tamil Nadu power situation are unresolved, these could lead to a negative effect on India which has a good potential for FDI. He said that foreign companies which are interested in investing in India may be put off by fear of legal wrangles.

On a two-day visit to Mumbai, the envoy met top RBI and Sebi officials ‘‘to understand the Indian businesses.’’

H-1B $100,000 entry fee explained: Who pays, who’s exempt, and what’s still unclear?

Explained2 hr ago

The White House's decision to impose a $100,000 entry fee on H-1B visa holders has sparked worry among Indian tech workers and students. While uncertainties remain about its implementation and exemptions, major tech companies have cautioned employees against traveling. The policy could lead to a shift towards other visa categories and potentially change the STEM immigration pipeline.

View all shorts

Live Blog