US Ambassador David Mulford on Thursday called for removal of ceilings on trade with India in all sectors with a view to facilitate India's economic growth.
Stressing on elimination of caps in all sectors, he told reporters "this must be done not just to please US but to facilitate India's own growth in the economic field".
"If India wishes to grow and hopes for its trade to pick up momentum, then it must remove all its caps in all sectors, except perhaps sectors like defence and other vital areas," he said while calling on elimination of equity limits on foreign investments.
Replying to a query on business outsourcing to India, he said the hue and cry in the US over the issue was due to the forthcoming elections.
"Though US still stands for free trade and Americans enjoy the benefits of free trade, the loss of jobs has upset a lot of people. However, the fact remains that outsourcing was essential in augmenting savings and boosting reinvestment of the saved resources in other avenues," Mulford said.
If the current Bush administration was replaced by another, then those opposing outsourcing would be "digging themselves deep" to find a solution to outsourcing because the "real world functions differently", he added.
To a query on the need of US companies to list in India to enable "better sharing of wealth", he said listing of companies was done to serve specific needs and did not relate to sharing wealth.
"If anyone wants any information on a company, it could easily ask the company. The information on a company was also widely available in India. There is nothing to hide," the Ambassador said.
