New Delhi: While addressing a group of US and Indian CEOs, US President Barack Obama said that there were still too many barriers to doing business in India.
“There are still too many barriers, hoops to jump through”, said Obama. “We hear this consistently from business leaders such as you”, he added.
Barack Obama hailed PM Modi's moves to cut the red tape to remove obstacles.
Both Modi and Obama highlighted the huge potential the two countries have when it came to economic ties. India and the US - the only two major economies growing at the moment - together do trade worth just $100 billion.
“Of all US imports, just 2 per cent come from India and of all US exports, about 1 per cent go to India - that's 1 per cent to a billion people... US trade with India is $100 billion as compared to $560 billion with China,” President Obama said, highlighting “untapped potential” between the two countries. “We must do better,” he added.
