The general feeling in the Indian corporate sector is that the US action was uncalled for at a time when the world opinion was turning in favour of India. Says F I C C I secretary-general and economist Dr Amit Mitra: "It is an overreaction on part of the US. This is disappointing for the Indian economy as the process to lift the sanctions has already started."
Interestingly, the US itself has lifted sanctions partially and allowed funds flow from US Exim Bank and O P I C worth $300 million and $400 million respectively. Says FICCI president Sudhir Jalan: "The US is blowing hot and cold. On one hand they are lifting sanctions and on the other they are imposing such bans."