India and US Inch Towards Social Security Agreement Amid Challenges

India's Commerce Minister Piyush Goyal announced continued engagement with the US regarding a social security agreement aimed at eliminating dual contributions by expatriates. The agreement, which has been delayed due to its financial implications, could benefit many Indian professionals in the US. Discussions continue despite longstanding complexities.

India's ongoing negotiations with the United States over a social security agreement have taken a significant step forward. Commerce and Industry Minister Piyush Goyal has confirmed the country's commitment to continuing dialogue to resolve this issue, despite the complexities involved.

The proposed agreement, which aims to exempt expatriates from compulsory contributions to host country social security schemes, stands to benefit numerous Indian professionals working in the United States. These solutions have been delayed due to the sizable financial stakes and potential policy shifts required by the US Treasury.

During recent high-level discussions in the US, Goyal emphasized the critical need for resolving these longstanding issues that affect professionals contributing over a billion dollars annually to US social security without receiving benefits. While responses to detailed questionnaires have been submitted, the agreement's successful conclusion is anticipated to take time.

(With inputs from agencies.)