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US Treasury head lauds India's economic reforms

Publication Date : 10-10-2012

 

The recent spate of reforms-oriented measures taken by the Indian government, further opening its market to foreign investors, will help provide a strong foundation for healthy economic growth, US treasury Secretary Timothy Geithner said. 

The reforms will encourage investments in India and lead to “more widespread gains in income,” Geithner said at a joint press conference with finance minister P Chidambaram yesterday.

The media meet followed the third annual meeting of the US-India Economic and Financial Partnership in which the two had participated. 

“India has achieved a remarkable economic achievement in the last 15 years... The reforms outlined by the government of India recently offer a very promising path to improving growth,” Geithner said. 

“We meet at an important time in the global economy and during a period of significant economic reform in India and the United States,” he said, adding that both India and the US have been hurt by Europe’s crisis and by slower growth in Asia and around the world. 

“In the United States, we have made a lot of progress repairing the damage caused by our financial crisis and laying a foundation for stronger future growth,” he said. 

Geithner said during the meeting India and the US discussed ways to lower trade and investment barriers.

“Both countries are committed to pursuing close cooperation,” said Chidambaram. He also noted that the crisis in Eurozone and the US was affecting emerging economies like India. “We have a deep interest in Eurozone crisis being resolved because it has affected our economy. The crisis is affecting all emerging markets, including India,” he said.

 

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