India must remove obstacles to investment: Gutierrez

New Delhi, Feb 13 (UNI) US Commerce Secretary Carlos Gutierrez today urged India to remove the hurdles to greater investment in retail, banking and financial services for its growth to continue.

''India must remove obstacles to continue its phenomenal growth in all areas of its economy and encourage investment, both foreign and internal,'' Mr Gutierrez said.

At present, foreign retailers who sell a variety of brands can only operate in the country through franchises, or a cash-and-carry wholesale set-up with or without an Indian partner.

He also urged India to ensure strict enforcement of patent laws particularly in pharmaceuticals and software.

India's organised retail sector is largely untapped, and small family stores account for more than 95 per cent of sales, Mr Gutierrez said.

UNI