New Delhi, Sept 23 (KNN) Reacting to the criticisms that India remained a nation where the ease of doing business had not improved, Indian Minister of State (Independent Charge) for Commerce and Industry Nirmala Sitharaman remarked that India also needed a clearer “understanding of the US commercial law regime with respect to insolvency and contract enforcement”.

Sitharaman said this while was speaking at the newly reconstituted India-US Strategic and Commercial Dialogue launched in the nation’s capital on Tuesday.

The meeting started with a sharp but candid exchange of criticisms between Indian Minister of State (Independent Charge) for Commerce and US Secretary of Commerce Penny Pritzker.

 “We understand and appreciate US concerns on market access”, Sitharaman retorted and asked for a similar acknowledgment and appreciation of India’s concerns on agriculture, processed foods, pharmaceuticals and textiles.

Meanwhile, on Sunday, stressing the positively evolving commercial relationship between India and the United States, Sitharaman and the US Secretary of Commerce, Penny Pritzker invited the business community to help shape and deepen the economic relationship still further.

They were addressing the gathering which recognised the role of the 3 million strong diaspora's role in fortifying the bilateral partnership at the Indian American diaspora at CII - Indiaspora reception held in Washington DC on Sunday.

Sitharaman applauded the vision of President Obama and Prime Minister Modi and highlighted the significant deepening of commercial ties between the two nations and their businesses.

Pritzker stressed on the work cut out by both the governments to make this into a USD 500 Billion economic engagement between the oldest and the largest democracies in the world.

Together they highlighted the substantial steps taken by the two governments in the direction of boosting trade and investments. (KNN Bureau)