Washington,
May 31: Voicing Indian businesses' concern over new US restrictions
imposed on H1-B and L1 visas, New Delhi has expressed the hope this
trend will not be sustained in keeping with the "logic and rationale" of
India-US partnership.
India
and the US should be working towards having one of the world's largest
trading relationships, India's ambassador Nirupama Rao said Wednesday,
citing Secretary of State Hillary Clinton's comment that there is much
more potential to unleash in the two nations' economic partnership.
Noting
that a key aspect of India-US economic engagement is partnerships in
high technology areas, Rao voiced the increasing concern among Indian
businesses about the difficulties they face due to progressively
stringent visa regulations.
"The
Indian IT industry contributed $15 billion in taxes in the US over the
last five years," Rao told the Atlantic Council, a Washington think
tank, ahead of India-US strategic dialogue here June 13.
"Ironically,
the same industry is subject to new restrictions imposed on H1-B and L1
visas," the ambassador said. "We hope this is not a trend that will be
sustained. The logic and rationale of our partnership merits
otherwise."
"We
also hope as our investments flows further increase, it would also
become easier for Indian financial institutions to expand their
operations in the US," Rao said.
As
India and US "look at ways and means to expand our trade and
investment, we are also working together to find solutions to the
challenges of clean energy, food security, health, education" through
various initiatives, she said.
"As
we upgrade our infrastructure, provide for clean and sustainable
sources of energy to power our economic growth and modernize our
agriculture to improve the livelihood of our rural population there will
be tremendous opportunities for US businesses," Rao said.
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