Mumbai, Feb 11 (IANS) US Treasury Secretary Jacob J. Lew Wednesday expressed his country's commitment to support growth and reforms in India and encourage greater opening of the Indian economy to US firms.
"I hope we can work together to deepen capital markets to unlock domestic resources and welcome foreign investment into India, strengthen financial regulatory reform, improve our coordination on tax issues, and combat money laundering and terrorist financing," Lew said.
Marking the first high-level visit by a US official after President Barack Obama's second India visit last month, Lew addressed captains of Indian industry at a roundtable organised by the Confederation of Indian Industry (CII) and the US-India Business Council, ahead of the US-India Economic and Financial Partnership Dialogue scheduled for Thursday in New Delhi.
Giving an overview of the US economy, he said that in the past five years, its private sector has created more than 11 million jobs and last year, American businesses created three million with the unemployment rate now at 5.7 percent.
Simultaneously, the GDP posted strong gains in the second and third quarters last year with private forecasters projections of above-trend economic growth to continue, Lew said.
"Our overall growth has been supported by increases in household wealth, a gradually improving housing market, a growing manufacturing sector, and a flourishing auto industry.
"The growth we are experiencing in the United States is good for India, just as growth in India is good for the United States. And, India and the United States are two important drivers of global growth," Lew said.
The trade between India and the US stood at a record high -- nearly $100 billion a year -- and strengthening growth in both countries would lead to more demands, more opportunities, for firms and workers.
Welcoming Lew, Mahindra Group chairman and USIBC board member Anand Mahindra said that at this critical time of revival in the Indian economy, now more than ever, a strong economic and financial partnership with the US was critical for ensuring vibrant growth and success in both countries.
"The business community commends Secretary Lew for his commitment to meaningful dialogue with Finance Minister Arun Jaitley and the Indian private sector," Mahindra said.
Later, Lew was closeted in a closed-door session with top business leaders like Anil Ambani, Swati Piramal, Adi Godrej, Sanjay Nayar and Rajiv Lall among others.
The exclusive gathering allowed for a frank discussion between India's key business leaders and Lew on the global and Indian economy and business climate, with a focus on policies to propel manufacturing, infrastructure, and investment growth in both countries, a CII spokesperson said.
Siddharth Malhotra used to become Bachchan after bleeding from the nose, after Sher Shah, he will be seen in the role of RAW agent
Bollywood actor Siddharth Malhotra is garnering a lot of praise these days for the film 'Sher Shah'. The film Sher Shah, based on the life of martyr Captain Vikram Batra, is being liked by the
Irrfan Khan Health Update: Irrfan Khan in ICU, news of death rumor, know his health update
Actor Irrfan Khan was admitted to the hospital on Tuesday after a sudden deterioration. As soon as the news of Irfan's health came to the fore, the market of rumors started heating up and reports
Fresh and fit Kejriwal returns to Delhi
New Delhi, March 16 (IANS) A "fresh and fit" Delhi Chief Minister Arvind Kejriwal returned here on Monday night after 10 days of naturopathy treatment in Bengaluru cured his chronic cough and
Animal Sequel: Will Sandeep Reddy Vanga make a sequel to Animal? Makers gave a hint, Ranbir Kapoor will create rebellion again
Bollywood superstar Ranbir Kapoor is currently celebrating the success of his recently released film 'Animal'. This film has become the biggest opener of Ranbir's career. The action drama 'Animal' was
Survey: 67% of workers lost employment due to lockdown, 74% forced to eat half their stomach
new Delhi. The country has been under lockdown for 50 days due to Coronavirus. This lockdown has broken the back of the economy. A large number of workers have lost their jobs due to the shutdown.
Fit Kejriwal excited to resume work
Bengaluru, March 16 (IANS) Delhi Chief Minister Arvind Kejriwal on Monday said he was feeling fit and fresh and was excited to return to the national capital to resume his work.In a series of
Corona Updates: 13,177 new cases, 296 deaths in 24 hours in the country; A total of 176.47 crore doses of vaccine have been administered so far.
In the last 24 hours, 13,177 new cases of the corona were found in the country, 29,194 patients were cured and 296 people died. At the same time, the number of active cases, that is, the number of
INDIA: Another leader's name added as PM candidate in India; Shiv Sena-UBT called this face a nationalist
The next meeting of the opposition alliance 'India', formed to challenge the BJP-led National Democratic Alliance (NDA) in the 2024 Lok Sabha elections, is going to be held soon. Ever since the
Nitish Kumar opposes land acquisition bill
Patna, Feb 24 (IANS) Bihar Chief Minister Nitish Kumar Tuesday said that he and his party Janata Dal-United were opposed to the land acquisition amendment bill as it is against the interests of
Weather Updates: Heavy rain in Andhra Pradesh, know how the weather will be in the country throughout the week
The effect of monsoon rains is not over in the country yet. Meanwhile, the effect of Cyclone Gulab was also seen in Andhra Pradesh and Odisha. Monsoon rains are already occurring in many areas of the
