US President Barack Obama sought "consistency" and "simplicity" in regulatory and tax environment in India besides redressal of issues relating to intellectual property rights to significantly increase trade and business between the world's two largest democracies, reported PTI.
In an address to India-US CEO Forum in presence of Prime Minister Narendra Modi, Obama said there was huge scope for improving infrastructure in India and enhancing the road network and broadband connectivity will help the business grow significantly.
"There is great interest on part of US companies to find consistency, clarity, greater simplicity in regulatory and tax environment in India. If that occurs I think we are going to see lot more business in India. That is consistent with many of the reforms Prime Minister Modi has articulated," he told the meeting of select group of CEOs.
Obama said Modi has brought new energy and vigour in redesigning the "architecture" in India to facilitate greater growth and investment.
"Modi has brought new energy and vigour to redesigning the architecture here in India so that more business, greater growth, greater investment can take place," he said.
According to the American president, US exporters are "very concerned" about issues like intellectual property rights as US economy was increasingly becoming a knowledge based economy.
He said "absence of an effective IP protection" in India was affecting business.
"We tend to operate at the higher ends of the global value chain," he said.