Union Home Minister Rajnath Singh said this while addressing a programme organised by the Indo-American Chamber of Commerce here.
"There should not be protectionism. Protectionism is one the biggest hurdles between India and US trade relations. There is a need to keep away from it, because the whole world has now become a global village. In order to keep the free flow of trade globally, we should give up our conservative mindset and have an open mindset," Singh said.
Singh also said that as a part of ease of doing business, the Home Ministry is thinking of replacing the existing 10-year security clearance for foreign investors with one-time clearance.
The minister hoped bilateral trade between India and the US to touch USD 500 billion in future as both nations have huge potential.
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Of late, the industry has been accusing the US and other developed nations of implementing some rules that have become an impediment for Indian traders. The industry has alleged that some of the recent rules by the US including hike in VISA fee and restriction on job visas are part of the "protectionism" being observed by the North American country.
"USA is one the biggest markets for Indian generic medicines. If US allows Indian generic drugs without much restrictions in their market, then definitely the cost of health-care will go down in that country," he felt.
He said there has been a lot of upsurge in Indo-US relations during the past 14 years. The bilateral trade was USD 90 billion in 2009, which has now crossed USD 100 billion.
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On the question of India's most wanted terrorist Dawood
Ibrahim, Singh said, "I am confident that Dawood will be brought back to India. Our efforts are continuing. We have told Pakistan where he is hiding. It is a matter of time that we will be able to bring him back sometime in future."
"We made efforts but did not get adequate response," the Home Minister said.
Singh said India has no role in Balochistan but only gives its reaction whenever there are human rights issue.
"Pakistan will have to think that it was formed on religious lines but failed to keep cultural identities but India does not have any such issue," Singh said.
The Home Minister said, "We want to keep Kashmir with us but not by creating fear in their hearts and we keep making efforts like Prime Minister visited Kashmir when there was recent flood."
On the question of on China's decision to block the declaration of JuM Chief Masood Azhar as an international terrorist by the United Nations, he said, "May be there are some situations that they have not supported but we are hopeful that in future they will support us."
"There is dip not only in black money but also terror funding. Out efforts are that generation of black money should be stopped hence promoting digital payments," he said.
Singh said there was no single reason behind the move and discussions were going on implications of demonetising Rs 1000 and Rs 500 notes.
Asked about why is BJP contesting Uttar Pradesh election without a Chief Ministerial candidate, "We have contested number of elections where we did not declare Chief Ministerial candidate and in many cases we did. We have taken conscious decision not to project a CM candidate."
In a lighter tone, he said he was the Home Minister and it is not right that he would take all the positions.
"Had Congress and SP been confident, they would not have contested together. Mulayam Singh Yadav who promoted SP in his life was pained at this arrangement...," he said, adding that family feud do not give a happy feeling to anyone.