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FM wants US manufacturing bases in India
July 11, 2013, 10:35 am

The Indian finance minister has expressed unhappiness over the volatility of currency movement. [AP Images]

The minister is on a four-day US trip to attend the annual leadership summit of the US-India Business Council [AP Images]

During a visit to the United States, India’s finance minister has outlined the need for US firms to set up local manufacturing bases in the Asian country.

“It is in the mutual interest of both countries for India to become a large manufacturing economy,” said Finance Minister Palaniappan Chidambaram.

The minister is on a four-day US trip to attend the annual leadership summit of the US-India Business Council.

Indian concerns about the provisions in the Comprehensive Immigration Reform Bill relating to skilled non-immigrant visas were also raised by the finance minister.

Chidambaram reiterated that the policies adopted by the Government are “pro-growth and WTO compliant” in a high-level meeting with US Senator Max Baucus, Chairman of the Senate Finance Committee.

The finance minister will also meet US Treasury Secretary Jack Lew during his visit to the United States.

The issue of transfer pricing was also discussed between Chidambaram and several CEOs and top management officials of a number of American companies with substantial investments in India like Microsoft, Lockheed Martin, Boeing and International Lease Finance Corporation (ILFC).

Source: Agencies

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