The Finance Minister Arun Jaitley has requested the US authorities to create a framework that would let the Indian workers to get back $3 billion annually that they contribute as a social security in the US.
India has been repeatedly pushing and presenting to sign a totalization agreement with Washington, however, Washington has rejected such a proposal.
In a speeh at Washington, Finance Minister Arun Jaitley had spoken on the deepening India-US economic ties, saying, “A related issue is totalization. Indians contribute_ according to research done by Jacob Kirkegaard at the Peterson institute_ about $30 billion annually to the US government by way of social security contributions, which they will never come back.”
“This is like an aid programme that Indian workers run for the US government. I would urge the US administration to create a framework and a process so that we can rectify what is really a very unjust situation. I am confident that the US will take up this matter soon. “He said.
Finance Minister Arun Jaitley has carefully given the steps taken by the government to increase the growth and benefit from the demographic dividend. Having stated this, he has explained about India’s potential and the fact that it is considerable. Hence the government plans to raise growth to a sustained double digit trajectory and hence realizing the demographic dividend.
“The US can both contribute to this process as well as participate in the opportunities that the Indian future will create. In these and other endeavors, the US will continue to remain India’s key strategic ally and partner… the basis for a 21st century relationship for a 21st century country has been established. Let us build on it. Chalein Sath Sath.”
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