US companies want changes in Indian policies on e-commerce & IPRs
As per the advocacy group USISPF (US-India Strategic Partnership Forum) which is based in Washington, American firms want the Indian government, BJP (Bharatiya Janata Party) to participate in “bold reforms” across a wide range of areas encompassing e-commerce, intellectual property rights, data localisation, land & labour laws and policies.
Intended to reinforce the economic and commercial status of nations, USISPF works to develop strong relationships amid two countries through the means of an advocacy group that provides suggestions to drive entrepreneurship, employment-creation, economic growth, etc.
President of USISPF ‘Mukesh Aghi’ in New Delhi while interacting and working with bureaucrats from numerous Ministries and Departments encapsulating Commerce and Industry said that we are processing a document where we highlight the vicissitudes and reforms US businesses want to view in Indian policies and the modified document will be provided to the government of India.
Aghi explained that earlier this year, e-commerce policies underwent an alteration that discontinued businesses with foreign investments to retail products of firms in which they kept the equity. This change had appeared as a jerk to many external investors like Walmart, a US-based company that had acquired an Indian e-commerce company named as Flipkart by investing a huge amount of $26 billion. Since, such unforeseen change greatly impacted investments, the Government of India needs to attain and maintain the investors’ trust.
Besides the e-commerce industry, American businesses wanted changes in Indian rules on data localisation that prohibited the transfer and storage of customers’ data out of the nation. Aghi added that US companies are interested to bring technology and invest in India but prior they want reforms in stubborn land & labour laws that raise hindrances in operations.
In regards to Intellectual Property Rights (IPR) laws, US companies demanded two modifications; first: granting more defense to patent holders and second: relaxation in charges for medicines and medical equipment.
The advocacy group USISPF considering the proposed withdrawal of GSP (Generalised System of Preferences) advantages suggested the US government that these benefits of allowing tax-free imports of around 3,000 products into America from India should be continued as it helped a lot in creating jobs for Indians and was a sign of goodwill for years. For more visit: https://www.kashishipr.com/