NEW DELHI: Finance Minister Arun Jaitley has urged the US government to initiate reforms in H1B/L1 visa processes and social security contribution so that high-calibre Indian professionals serving American interest are not unfairly deprived of their well-earned money.
Indian IT sector has been impacted by the US government’s move to tighten the visa. Companies like Infosys, Tech Mahindra and TC have major clients in the US. Jaitley discussed the visa issue with Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross on the sidelines of the World Bank and IMF meetings in Washington DC.
He also discussed the Indo-US Economic Cooperation, in particular, the ways to improve bilateral trade and investment that can be enhanced between the two countries. According to a finance ministry, the finance minister highlighted the structural reforms India has undertaken including the goods and services tax (GST), financial inclusion and action against the shadow economy. Jaitley also highlighted the contribution that skilled Indian professionals have made to the US economy, and that this must be suitably appreciated by the US side.
Earlier, Subhash Chandra Garg, secretary, Department of Economic Affairs, delivered a key note address on micro pension where he dwelt on the big challenge of convincing policy makers and the potential young persons needing pension after their active life.
He appreciated the efforts of organisers in bringing a well-researched book as country and thematic reforms action needed to realise the dream of providing pensions to over 1.2 billion people worldwide.
Earlier, Jaitley said that the Indian economy was poised for strong and sustainable growth. He said the government would focus on implementing structural reforms and that the impact of demonetisation and GST has ebbed. The FM also highlighted that the FDI flows to India increased in 2016-17 over 2015-16, indicating improved global confidence in the Indian economy.