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HomeWorldFinance Minister Nirmala Sitharaman said – Biden administration and American companies appreciated...

Finance Minister Nirmala Sitharaman said – Biden administration and American companies appreciated India’s economic reforms

Finance Minister Nirmala Sitharaman (File photo)

Finance Minister Nirmala Sitharaman has said that along with the Joe Biden administration, US corporate sector stalwarts have described the reforms of the Indian government as a very positive step. The Finance Minister said that companies in the US, in particular, are very happy with the decision to end taxation with retrospective effect.

In August, Parliament passed a bill that abolished retrospective taxation. Under this, the tax department was empowered to levy capital gains tax even in cases older than 50 years. After the repeal of this law, the government will now have to refund the amount collected from companies through retrospective taxation. For this, companies will also have to withdraw all legal cases against the government in such cases.

People from the corporate world appreciated

Sitharaman told the media on Friday at the end of her Washington DC leg visit to the US that the corporate world has also appreciated the decision. Sitharaman said, “The reforms we have made, especially the decision to abolish the retrospective tax, the US administration has described it as a very positive step.”

Finance Minister to visit New York

From Washington, the finance minister will travel to New York where she will participate in discussions with the business community. After that she will leave for home. Sitharaman started her one-week journey from Boston on Monday. Responding to a question on the trade deal with the US, Sitharaman said, “I am looking at an investment promotion agreement. For this we have time till December.

Sitharaman said that as far as the big issue of trade is concerned, the Commerce Ministry is working with its US counterpart on this. “I am not deeply involved in this.” He said, “We have discussed this. Both countries want to carry forward the talks on this and want to complete it as soon as possible.

Finance Minister’s first US visit after the pandemic

This is Sitharaman’s first visit to the US after the COVID-19 pandemic. Prior to this, as the Minister of Commerce and Defense, he played a key role in India-US strategic relations. Apart from attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, the Finance Minister outlined India’s economic revival during his visit to the US. Along with this, he has also expressed the commitment of the Government of India towards long-term reforms.

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Also read: Nirmala Sitharaman held a meeting with the US Finance Minister, discussed these matters including dealing with terrorism

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