India's strategic economic reforms have been welcomed by the Biden: FM

India’s Finance Minister Nirmala Sitharaman has said that the Joe Biden administration as well as leaders from the corporate sector in the United States have been welcomed by the Biden administration and leaders from the corporate sector in the US.

In August, Parliament passed a bill to scrap a tax rule that gave the tax department power to go fifty years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The bill provides for the government to refund the retro tax to companies provided all legal challenges are withdrawn.   "The reforms that we have undertaken, particularly the steps taken for the withdrawal of the retrospective tax has been mentioned by the United States administration as a very positive step," Nirmala  Sitharaman said. On the sidelines of the meetings, the finance also engaged with more than 25 bilateral meetings including top officials of the Biden admin and a host of top American CEOs.

Responding to a question on a trade deal with the U.S, Sitharaman said her focus was on an investment incentivising agreement for which there is time till December. During her week-long US visit, Nirmala Sitharaman had a series of wide-ranging interactions with US administration, policymakers, Business Community Academy and think tanks.

 

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