India could lead the world economy in this 21st century if it continues to take additional measures on economic reforms and opens up more sectors to the overseas players, according to the US commerce secretary Gary Locke. He also said that if India would further follow the road of reforming, and if it continues to become more open to the investments as well as the innovations of foreign companies, then it stands a much better chance of being the leader of the world economy in this century. Gary Locke was in Mumbai on Thursday when he said all this.
Additionally, he brought up the concerns regarding reciprocity in business among the two nations, and the necessity to do away with cross-border restrictions, adding that India was still being ranked low on ease of doing trade because of such barriers.
Locke also talked about the high duties such as the 19% levies on civil aviation aircraft as well as the 50% levies duty on apples, apart from discussing concerns such as the restrictions on foreign direct investment in the chief sectors and the insufficient security of intellectual property, due to which India was still ranked merely 134 out of 183 countries on the World Bank's Ease of Doing Business Report.
Source: http://www.topnews.in
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