India can do much more to improve ease of doing business: US Official

The Dollar Business Bureau

Pressing for a bilateral investment treaty between the US and India, a key US official on Thursday asked the Indian government to undertake more domestic reforms to improve ease of doing business in the country.

"One of the most important things the government can do right now is to improve the ease of doing business here," said Adewale Wally Adeyemo, Deputy National Security Advisor for International Economic Affairs & Deputy Assistant to President Barack Obama.

Speaking at a FICCI event in New Delhi, Wally said the Narendra Modi led-NDA government has undertaken several measures to improve the country’s overall business outlook; however it is required to do much more than that.

"One of the things that would help attract Smart Capital is a bilateral investment treaty," Wally said.

He hoped that the two countries carry forward their strategic and commercial relationship established during the US President Barack Obama-administration.

Wally underscored that the US-India bilateral relations had achieved significant progress during the Obama administration.

According to the World Bank’s latest report, India has moved up four places to 130th position in 2016 from 134th position in 2015.

The government of late has taken a slew of initiatives to improve ease of doing business ranking.

Earlier this month, officials from the commerce and industry, law, and finance gave detailed presentations to a team from the World Bank on steps taken to enhance the country’s business climate. The World Bank will publish its new report on October 25 this year.