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a1.daily.update.peperonity.net

EFFECT OF MODI JI WIN 4.12.2014

There is an opportunity of economic transformation

There is an important
window of opportunity for
boosting economic ties
with India & PM Modi's
sweeping victory has the
potential to transform the
country, a US official has
said.
WASHINGTON: There is an
"important window of
opportunity" for boosting
economic ties with India
and Prime Minister
Narendra Modi's sweeping
election victory as well as
economic reform platform
has the potential to
transform the country, a
US Treasury official has
said.
Nathan Sheets, who is
Under Secretary for
International Affairs at the
Treasury Department, also
said that India and its
people share with the US
an entrepreneurial spirit, a
commitment to a vibrant
private sector, and a
record of economic
growth built largely on
domestic demand.
"Prime Minister (Narendra)
Modi's sweeping election
victory and economic
reform platform have the
potential to transform
India -- by restoring
higher growth and
expanding economic
opportunities in what
would soon become the
world's most populous
country," he noted.
In recent months, there
has been renewed vigour
in the Indo-US bilateral
ties.
Over the next two years,
Sheets said more attention
would be given to
strengthen the US-India
Economic and Financial
Partnership.
Through the partnership,
the US would support
India in its growth and
reform efforts and
encourage the greater
opening of India's
economy to US firms, he
said and added that such a
scenario would be a "win-
win proposition".
"We can create new
growth and employment
opportunities in the US by
further opening this
growing market for US
exports, improving the
climate for US investment
in India, and levelling the
playing field for US
companies," as per
remarks of Sheets released
today by the Treasury
Department.
Sheets made the remarks
at an event organised by
Brookings Institution.
According to him, faster
growth, deeper financial
markets, and greater
openness to trade and
foreign investment
promise to raise incomes,
reduce poverty, and bring
many more Indians into
the global middle class.
"Our commitment to the
WTO was demonstrated in
the recent breakthroughs
with China regarding the
Information Technology
Agreement (ITA) and with
India on implementing the
Trade Facilitation
Agreement (TFA).
"We are hopeful that
these developments will
give momentum to
multilateral efforts," he
said.


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