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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 48 Introduced in House (IH)]

104th CONGRESS
  1st Session
H. CON. RES. 48

Concerning the economy of India and relations between the United States 
                               and India.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 1995

 Mr. Manton (for himself and Mr. Knollenberg) submitted the following 
     concurrent resolution; which was referred to the Committee on 
                        International Relations

_______________________________________________________________________

                         CONCURRENT RESOLUTION

 
Concerning the economy of India and relations between the United States 
                               and India.

Whereas the economic implications of India's transition from colonial rule to 
        independence forced it to adopt a mixed economy with industry and 
        infrastructure predominantly entrusted to the public sector;
Whereas such a macroeconomic structure provides little incentive for research 
        and development;
Whereas such an economy fosters import restrictions, currency exchange controls, 
        impediments to foreign investment, and restrictions on foreign trade;
Whereas India, a nation of approximately 900,000,000 people, is one of the great 
        emerging economies of this decade;
Whereas the Government of India has recognized the limitations of such an 
        economy and the necessity for the free market system to prevail;
Whereas these reforms have resulted in policies encouraging private investment, 
        the dismantling of import and trade licenses, the establishment of a 
        convertible currency, and customs tariff reductions;
Whereas steps have been taken to achieve capital market reform, including steps 
        to achieve greater transparency of transactions, and the establishment 
        of a Securities Exchange Board of India (SEBI);
Whereas India seeks to develop its infrastructure through private foreign 
        investment; and
Whereas India has encouraged such investment by relaxing its regulatory law and 
        encouraging private foreign investment in the following sectors--power, 
        petroleum, telecommunications, transportation, tourism, mining, 
        electronics, food processing, civil aviation, automobiles and automotive 
        parts, and financial services: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that--
            (1) the Government of India should be commended for its 
        transition from a highly regulated planned economy to a free 
        market oriented economy with political stability by 
        implementing a bold policy of economic reforms;
            (2) the United States should facilitate this transition by 
        encouraging United States companies to invest in India; and
            (3) the United States Government should continue to foster 
        the improved climate of relations between India, the world's 
        largest democracy, and the United States, the world's oldest 
        current democracy, since Prime Minister Rao's historic address 
        before the joint session of Congress.
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