Reform measures announced by the government as part of the ₹20 trillion stimulus package to restart the coronavirus-ravaged economy are critical to make India’s business environment competitive not only with China, Vietnam and Mexico, but with more developed western economies, said Nisha Biswal, president of the US-India Business Council (USIBC).
While a single national market for agriculture and steps to create an efficient energy space are welcome, the prohibition on global tenders below a certain threshold and higher tariffs on some imports could be viewed negatively, Biswal said.
The easing of the foreign direct investment (FDI) limit in defence from 49% to 74% will benefit the local manufacturing industry but the government needs to