Lack Of Clarity On Core Sector Projects Inhibiting Us Cos: Clark

Six years after the onset of economic liberalisation, India still does not have a clear and transparent process that would allow development of infrastructure projects, US-India Joint Business Council chairman Howard L Clark said at a meeting organised by Confederation of Indian Industry (CII) here yesterday.

However, Clark said he had no doubt about Indias potential as a vast resource base, a dynamic new business sector, and one of the worlds largest pools of highly-educated people. According to him, these factors have created exciting new opportunities for partnership between Indian and US companies. US investors are committed to India for the long-term, while the Indian government seems committed to streamlining the clearance process and reducing obstacles that hold back foreign investment, said Clark, who is leading a delegation of top US companies to India. Some of the companies comprising the delegation are already present in India, while others are looking for opportunities to increase their investment and forge stronger ties with Indian business leaders and the government.

Clark said that although investors are aware of Indias liberalisation process and the Union governments commitment to reforms, the US is still concerned over the pace of reforms. US companies remain willing to help in this process and I am hopeful that some of the US investors concerns and recommendations will be heard by our Indian business partners and the Indian government, he said.

Earlier, CII president N Kumar pointed out the issues of mutual concern as those related to trade, investment, technology and nuclear power. But he expressed confidence that differences regarding these issues would be sorted out jointly. After the resolution of the differences would emerge a new paradigm of partnership between the US and India in the 21st century, said Kumar.