Optimistic on India Growth Story: Geithner
In an interactive session with the Indian Industry leaders, Timothy Geithner, Secretary, US Department of Treasury, expressed his optimism on the India's growth story in the future.
It is highly encouraging to see the current wave of economic reforms being initiated by the Indian Government as they would help in restoring investor confidence thus reviving growth too, said Geithner.
The interactive session was jointly organized by the Confederation of Indian Industry (CII) and US India Business Council (USIBC).
On the global recovery, Geithner noted that most of the revival is contingent on how the developments in the Euro Area pan out as the latter remains the biggest uncertainty.
He further added that though India and US have had historically good economic relationship, it needs to be further strengthened in order to face the current bout of economic challenges.
The principle test of economic policy is to create an enabling environment in order to create more job opportunities, Geithner added.
Showing his confidence in the recent slew of reforms initiated by the Indian government, Geithner said that the impact and direction of reforms are very powerful.
The U.S. has supported the initiatives of the G-20 in terms of better governance structures and social institutions for better financial regulation and supported the creation of financial tools and sound economic policies to tackle the current global financial crisis, Geither added.
In his welcome remarks, Mr Kiran Karnik, Chairman, CII National Committee on Telecom and Broadband, underlined the importance of forging global partnerships in the current fragile economic environment where the actions of one nation can impact so many others.
"Calibrated and joint approaches are the need of the hour", he emphasized.
Sanjay Nayar, CEO, KKR India Advisors Pvt Ltd and USIBC Board Member, in his concluding remarks said that secretary's visit will send out a positive message to the companies both in India and the United States.
By virtue of strong economic relationship between the two countries, the industries on both sides will be greatly benefited, he added.