January 07, 2025 07:54 pm (IST)
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USA stands ready to be India's partner: Jacob Lew
New Delhi, Feb 12 (IBNS): US Treasury Secretary Jacob J. Lew met with Union Finance Minister Arun Jaitley, for the fifth India-US Economic and Financial Partnership Dialogue in New Delhi on Thursday and assured to be India's partner on economic front.
He stated: "As India makes progress on its economic reform program and follows through on the difficult decisions reform requires, the United States stands ready to be your partner in whatever way we can."
He also said, "The Obama administration has made deepening the bonds between the United States and India a key priority. The President reaffirmed that commitment when he visited India last month, the first time a U.S. President has come to India twice while in office. We are partners in many different ways, in our economies, as democracies, and as diverse societies looking to grow."
Individual economic policies and the areas of growth in the trade between the two nations was discussed in the India-US Economic and Financial Partnership Dialogue meeting.
Lew said, "Since the Partnership began, we have developed our engagement in a number of important areas: expanding macroeconomic cooperation to support global growth, strengthening our financial sectors, resolving tax disputes, combating illicit finance, and facilitating long-term investment through the development of deeper capital markets in India."
He also said, "And over the last few years, we have seen significant progress. For example, trade between our countries has reached nearly $100 billion a year."
"And there is much that we can still do. Even with the growth in trade that we have achieved between our two nations, only two percent of America’s imports come from India and only about one percent of America’s exports go to India," the US Treasury Secretary said.
"The fact is, the untapped potential in our economic relationship is immense, and by working together to realize this potential, we will strengthen both our economies," he added.
Lew also went on to appreciate the Narendra Modi Government's protocol in the economic scenario of India.
"In India, the Modi government has taken steps to reduce fuel subsidies, allowing the government to continue reducing deficits while providing the fiscal space to make investments that will boost growth and raise employment," he said.
"In addition, the Modi government has made headway on reforms that will facilitate foreign investment in India’s infrastructure sector, thus helping India meet its significant infrastructure needs. Still additional reforms are necessary, and an increase in public investment combined with a more open investment climate and a deeper financial sector, would help attract private infrastructure investment," he further added.
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