New Delhi, Jun 27 (KNN)  Initiatives which can promote manufacturing in India, develop infrastructure, education and skills as also ways of attracting more investment into India were the focus on discussions at the US India Business Council meeting held here.

The interaction on ‘Imperatives for the India-US Collaboration’ was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) on June-26.

There was widespread agreement that India needs to make the transition from being a service hub to a manufacturing hub, with US India Business Council Chairman Ajay Banga stressing that India needs to capitalize on the space created by the decline in Chinese manufacturing sector, and become part of the global supply chain, according to an official release.

However, for this to happen it is important that India is able to attract more FDI (foreign direct investment) than FIIs (foreign institutional investor), it said.

Banga further highlighted the importance of predictability, consistency and level-playing field for the investors to take investment decisions. He drew special attention to the tourism sector apart from manufacturing for job creation and growth of the country.

In addition, the contentious issue of Intellectual Property Rights was also discussed and emphasis was laid on debate and discussion to find solutions which can be mutually beneficial, including programmes on piracy and counterfeiting.

The USIBC delegation put forth concerns regarding the difficulties to do business in India, especially pointing to issues related to taxation and retrospective tax which has been a major source of concern for investors into India, even as other eminent industry leaders shared their insights into matters pertaining to India-US trade and investment issues. (KNN Bureau)