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India to raise H1B Visa issue with US: Sharma

Last Updated 03 June 2011, 15:15 IST
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Briefing reporters, he said, India has already taken up the matter with the US on more than one occasion and written twice to the US trade represenative in this regard. He said the same would be coming up at the joint trade talks to be held in Washington later this month. Stating that US must honour the WTO commitments as also recognise the immense contribution that our professionals are making to that country with their talent and value they bring to the table. It is because there is a shortage of highly skilled professionals in their country that several Fortune 500 companies are setting up their R&D centres in India and thereby creating jobs. Besides, even Indian companies are creating jobs for  US citizens in the US, he added.

Observing that India is against any form of restrictive trade practicies, he said, “The idea of trade pacts is to bring down barriers and not advocate protectionism and reciprocity of policies for mutual benefit and not vice-versa.”  Sharma also said  he would  be championing the industry’s demands on reducing the interest rates as high cost of credit will only impede unfettered growth of the industry in the country. On  the issue of Minimum Alternate Tax (MAT), he said, once the direct tax code was in place other regimes have to be harmonised within its  broader framework.

Earlier, at a meeting with CEOs, he said southern states in the country have been the major driver of growth over the last decade. Stating that they have become centres of manufacturing in sectors like textiles, automobiles, defence, aerospace and pharmaceuticals, he said that South India contributes 22 per cent of country’s GDP.
Earlier, laying the foundation stone for Nano-Manufacturing Technology Centre, he said, a meeting to be Chaired by Prime Minister  will discuss the draft manufacturing policy in New Delhi on June 9. “The objective is to identify key instrumentalities by which the share of manufacturing  can be augmented from 15 per cent to 25 per cent of GDP by 2025,” he said.

Sharma also said that the Centre was also keeping a  watch on prices of raw silk in the country and promised “intervention” if domestic producers were adversely affected after its decision to slash import duty on raw silk.

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(Published 03 June 2011, 15:15 IST)

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