US tax plan worries India

Mumbai: A day after the Obama administration proposed tax reforms that seek to increase tax on offshore earnings, the commerce and industry minister Anand Sharma on Wednesday asked world leaders not to impose fresh barriers which would impede and delay the ongoing recovery process. “What is expected from governments, nations and leaders is to bring down the existing barriers and not to allow new barriers of protectionism, which will be counter productive for the global economy. They deepen the recession and delay the recovery process,” Sharma told reporters on the sidelines of the Nasscom summit. The minister expressed his hope that the US administration would not implement such policies that would adversely impact the ongoing partnership between the two countries in the information technology sector.Highlighting that enhanced economic engagement and investments are the only way forward, Sharma said he is waiting for the new US commerce secretary to assume office to take forward India’s trade partnership with the United States.