The Finance Minister Shri Jaitley held a bilateral meeting with United States Trade Representative Ambassador Mr Michael Froman. The Finance Minister affirmed that the sustained engagement and rapidly increasing trade and investment partnership between India and the US are key elements of the bilateral engagement between the two countries and India looks forward to strengthening and deepening this economic engagement. The Finance Minister emphasized:

• India’s keenness in early conclusion of a Totalization Agreement with the United States. (As per Industry estimates, Indian professionals have contributed more than US$ 25 billion to the US Social Security during the last decade, without being able to retrieve their contributions)
• India’s concern over the hike in the H-1B and L1 visa fee which is discriminatory and in effect, largely targeted at Indian IT companies.

The Finance Minister is currently on official tour to Washington DC to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Raghuram Rajan, Governor RBI, Mr. Shaktikanta Das, Secretary Economic Affairs, Dr. Arvind Subramanian, Chief Economic Adviser and other officials.

Totalization agreement push: India urges early US deal and protests discriminatory H 1B and L 1 fee hike targeting IT firms. India urged early conclusion of a Totalization Agreement with the United States to address reclaiming Social Security contributions and objected to an increase in H 1B and L 1 visa fees characterized as discriminatory and effectively targeted at Indian IT companies, presenting these priorities within the context of strengthening bilateral trade and investment engagement.