WASHINGTON: India is truly out of step, with deregulation and market oriented policies undertaken in Eastern Europe and elsewhere in the third world, U.S trade representative, Ms. Garla Hills, told the senate finance committee here.
Hills, who named India, Brazil and Japan last year as countries attracting U.S. sanctions under the omnibus Super 301 act, on Wednesday publicly stated her determination to keep out Japan from the list to be announced by the end of the month.
She also praised Brazil for what she called its progressive policies. Hills told the committee that India, which was cited for its ban on operations of foreign private insurance companies, its targets for exports its refusal to allow more than 49 percent investment by foreign investors, in Indian companies, “is quite a different story from Brazil.”
She made no reference to the speech at the business council meeting recently by Indian Prime Minister VP Singh’s principal secretary; CD Deshmukh that India had no intention of joining the “distinguished company” of countries unable to pay the interest or installments on their foreign borrowings.
Article extracted from this publication >> May 4, 1990
