India Inc hits back, says Obama can’t dictate Indian govt

[SpArK]

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India Inc hits back, says Obama can’t dictate Indian govt

India Inc on Sunday acknowledged that economic reforms were lagging and growth had slowed down but said solutions should be found within and not as prescribed by outsiders.

Reacting to US President Barack Obama’s assertion that the government must carry out “difficult” economic reforms, India Inc said the country remained a strong investment destination with strong long-term growth prospects.

Obama, in an interview to PTI in Washington, said “American firms say it is still too hard to invest in India. In too many sectors, such as retail, India limits or prohibits the foreign investment that is necessary to create jobs in both our countries, and which is necessary for India to continue to grow.”

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Obama said, “There appears to be a growing consensus in India that the time may be right for another wave of economic reforms to make India more competitive in the global economy.”

Acknowledging that the nation lagged in reforms in sectors such as retail, aviation, defence and insurance, India Inc said Obama or any other person could not be “dictating to Indian government or Indian policymakers.”

“The U.S. has its own problems and India has its own. Our government will take decision as per our own compulsions and requirements. However, we do need reforms but Obama or any other person cannot be dictating to the Indian government or Indian policymakers,” Assocham Secretary General D.S. Rawat said.

The US also had lot of “limitations” like the recent restrictions imposed on BPOs. “But it is their decision. Similarly, decisions taken by our policymakers should not be questioned because our economy is still doing much better than most of the developed countries,” he said.

CII Director General Chandrajit Banerjee said, “India was resilient and was still growing at 6 per cent during the time of global economic uncertainties.”

“However, there are some issues which need to be addressed. We still need reforms in sectors like retail, aviation, defence and insurance. Our understanding is that we should be seeing reforms over a period of time,” he added.

FICCI Secretary General Rajiv Kumar said India’s long-term growth remained strong and intact.

“There are number of positive structural features that will ensure that India continues to attract investments and maintain the rate of GDP growth. However, it is evident that some significant reform measures have to be taken urgently. We are convinced that investor sentiment will become positive if these measures are implemented,” Kumar said.

“Recent pronouncements by the government have given a degree of reassurances in this regard.”

The CII said investor sentiment towards India was quite strong but “certain developments” like retrospective amendments to the IT Act and General Anti-Avoidance Rules had affected the mood.

“However, we know that the government would address these issues,” Banerjee said.

PTI

India Inc hits back, says Obama can’t dictate Indian govt | Firstpost

[KRAIT]

That's impressive.....after UK on Eurofighter and its aid called peanuts by our FM, its US turn.....that we don't need to act according to what you say........

[ajtr]

PM MMS once said to President Bush -Indians love Americans and india love america....

I do agree with him

[Che Guevara]

PM MMS once said to President Bush -Indians love Americans and india love america....

I do agree with him

Indian loves only India,we are the world's meanest people.

[IBRIS]

PM MMS once said to President Bush -Indians love Americans and india love america....

I do agree with him

Like what salesmen say to their customers before virtually robing them in finance department.

[majesticpankaj]

we are reacting just like they have done some drone strike on our soil....

[Syama Ayas]

That's impressive.....after UK on Eurofighter and its aid called peanuts by our FM, its US turn.....that we don't need to act according to what you say........

Actually not!

Calling UK aid was peanuts was boorish, India could have politely refused.

Also nothing wrong in what Obama said, GOI is overreacting unnecessarily.

[Impasse]

Indian loves only India,we are the world's meanest people.

We are the most meanest people indeed.

[Chinese-Dragon]

Obama is saying it for his own benefit (more opportunity for American companies)... but that does not mean he is wrong here.

Just because Obama says it does not instantly make it wrong, that is what the US Republicans think.

But even a stopped clock is right twice a day.

[INDIAISM]

It looks like Time Magazine Article has woken up the Singh in Manmohan Singh....You say i am spineless now let me show you my spines....

Jokes apart its high time America should realise that we are not like Arabs,Europeans,Japaneese or Pakistani's on whoome they can dictate their terms.........We are Indians we have our own independent policy and we don't like other countries to dictate terms to us.....

[jbgt90]

Actually not!

Calling UK aid was peanuts was boorish, India could have politely refused.

Also nothing wrong in what Obama said, GOI is overreacting unnecessarily.

actually the only people who were being boorish were the brits . if you read some of the articles in the guardian and the telegraph , you would know what i am referring too.
the Indian govt had asked the UK govt to stop aid in 09 . it was further reiterated in 10' , but the british govt said they need to continue to give aid as it was their policy to do so , and since the aaid was going to NGO and not the govt . the GOI said nothing. but when the MMRCA story broke the british papers made it look like the money was being given to the govt and we were being ungrateful.

[ajtr]

Indian loves only India,we are the world's meanest people.

Sure indians are worlds meanest people and they dont love india otherwise indians themselves would not have been looting india along with west.

Like what salesmen say to their customers before virtually robing them in finance department.

i wonder who robbed whom on civil nuclear deal..its all in the agreement...

Like what salesmen say to their customers before virtually robing them in finance department.

i wonder who robbed whom on civil nuclear deal..its all in the agreement...

[Meluhan]

obama is behaving like a pi*p for developing world ..PHUCK fdi in retail

[jha]

Yes...What a patriotic thing to do... jai Ho...

[Echelon]

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you've got to give it to Indians when it comes to sovereignty, no comprise whatsoever. I wish our leaders can learn a thing or two.