Slowdown Effect Of GST, Notes Ban Has Played Out: Arun Jaitley

Slowdown Effect Of GST, Notes Ban Has Played Out: Arun Jaitley

Mr Jaitley, who is on a week-long visit to the USA, is leading a high-powered Indian delegation to attend the annual meeting of the International Monetary Fund and the World bank.

Finance Minister Arun Jaitley has made a strong case for reforms in the H1-B/L1 visa processes during bilateral talks with senior U.S. administration officials, even as he underlined the need to understand the global spillovers of domestic policy actions at a meeting here with G-20 Finance Ministers. He made a strong case for reforms in H1B, L1 visa processes and social security contribution so that high calibre Indian professionals serving American interest are not unfairly deprived of their well-earned money, the statement said.

After his arrival in Washington, Mr Jaitley held meetings with treasury secretary Steven Mnuchin and Commerce Secretary Wilbur Ross during which they discussed bilateral trade and economic relationship and issues of mutual concerns.

The L1 visa facilitates the temporary transfer of foreign worker in the managerial, executive or specialised knowledge category to the USA to continue employment with an office of the same employer, its parent, branch, subsidiary or affiliate.

Earlier, Economic Affairs Secretary Subhash Chandra Garg delivered a keynote address on micro pension, where he highlighted the big challenge of convincing policy makers and the potential young persons needing pension after their active life.

"He also highlighted the contribution skilled Indian professionals have made to the United States economy and said that this must be suitably appreciated by the USA side", the Finance Ministry said in a statement on Friday.

"The Finance Minister highlighted the structural reforms India has undertaken through a series of bold measures, including the Goods and Service Tax (GST), Financial Inclusion and action against the shadow economy", according to the press statement by the Press Information Bureau.

The secretary also met with the CEO, World Bank; CEO, Global Infrastructure Hub and the Executive Vice President and CEO, MIGA besides the India World Bank team led by Vice President South Asia.