In an exclusive interview with CNBC-TV18, US commerce secretary Wilbur Ross, who is in India for bilateral talks, said the US is trying to get a level playing field for American companies.
He said that India's regulatory framework had a fundamental philosophy of favouring domestic players over the foreign companies and hoped that would change over a period of time.
The big takeaways:
We think India needs to give US companies a special place as we are the largest source of FDI into India and the largest export customer of India.
Walmart and Mastercard continue to invest despite issues over ecommerce regulations and data localisation.
Changes in ecommerce rules have been costly to American companies.
Data localisation not a good policy even from an Indian point of view.
Revaluation of GSP underway even before issues with Walmart and Amazon came up.
The decision on GSP could be reversed if the situation warrants.
Under WTO rules retaliation by Indian will not be appropriate.
Whatever the outcome of discussions on immigration, India will remain in a very preferential position on H1B.On India's regulatory framework
American companies are showing goodwill and cooperative attitude towards Make in India and the other programs.
The Indian government regards new ecommerce rules as clarifications but they have a substantial negative impact on business.
The concern is that these rules were put in without consultation.
Treatment to Walmart and Amazon will make people worried about making investments in India.
Uneven playing field runs the risk of populist sentiment demanding some sort if offset.On GSP
Decision can be reversed if situation warrants.
Revaluation of GSP underway even before issues with Walmart and Amazon came up.On India’s plan to impose retaliatory tariffs
You have to anticipate consequences whenever a country takes decisions adverse to another.On US-China trade talks
If talks don't walk out, the President will do what he says he will do.
China has taken too long to show progress on negotiations.
President Trump has been conciliatory in postponing tariffs till now but he now feels it's taking too long.
Negotiations with China cover immediate purchases like LNG, aircraft and Soybean.
Negotiations cover structural reforms dealing with state-owned enterprises and respect for IPR.
Most important aspect of negotiations is regarding enforcement mechanisms and punishment of people.On Indo-US defence relationship
American fighter jets are jets for next set of conflicts.
Hopeful that a new enhanced defence relationship will translate into contracts.
This is the easiest way to help reduce the trade deficit.On H1B and proposal to hike visa application fees
We are considering a number of things on immigration.
India is the main beneficiary of the H1B Visa and no one wants to change that.On whether India can expect concessions from US oil companies
US companies producing oil are private ones and any decision on terms of sale have to be taken by them and not by the government.On whether India can expect a reprieve from Iran sanctions
Happy to say that the world price of oil has got back to where it was before sanctions.
We will increase oil production by 1 million and 600 thousand barrels per day this year.
Working with Saudi Arabia, UAE and other sources.
Not our purpose to hurt India but terrorism must be dealt with.On Indian elections
Businesses like predictability and uncertainty is hard to adjust to.
The more certain and clarified trade policies are the easier for commerce to flourish.
First Published: May 7, 2019 7:14 PM IST
