WASHINGTON (NNN-PTI) -- At a time when unemployment is a
major issue in the US due to its poor economic status, Indian companies through
its massive investments in America have created 50,000 jobs in the country, a top
US diplomat said.
"Our
economic relationship is very much a two way street.
Both
of us are focused on attracting growth and investment to our shore.Indian owned
Tata factory in Ohio puts thousands of Americans to work, part of the over
50,000 jobs Indian firms have created in the US. Opportunities for small,
medium and large American businesses in India
are staggering," US
Deputy Secretary of State William Burns said yesterday.
Burns
added that India
is being projected as world's third largest economy by 2025. But 90 per cent of
India is still without broadband, 80 per cent of India's infrastructure for
2030 hasn't yet been built, according to McKinsey, India plans to invest one
trillion dollars on infrastructure in the next five years alone.
Burns
praised the recent Indian decisions with regard to next phase of economic
reforms.
"Of
course, for our companies to provide the technology and expertise to help India prosper, India 's government must create an
environment that encourages growth," he said.
He
added that India 's
recent easing of some restrictions on Foreign Direct Investment is promising.
Indian multi-brand retail, aviation, power grid and broadcasting companies and
markets will be more open to investment, technologies and best practises from
all around the world. It will be easier to bring food to market.
He
emphasised that greater economic openness is not a concession to the US . It is one
of the most powerful tools India
has to maintain and expand its growth.
Burn
Observe that India
has no more important partner than US. Total direct investment of US in India in 2000
was USD 2.4 billion which in 2010 get to USD 27 billion. During the same period
Indian direct investment in America
grew over USD 200 million to nearly USD 5 billion, which is more than a twenty
fold increase. So we have never invested in each other's country to such
extent.
"Maryland
Governor Martin O'Malley gets USD 60 million in two way businesses from his India
visit. Kentucky Governor Steve Beshear visited India three times and bring about
USD 7 billion private sector energy deal. Norfolk
has a sister city alliance with Kochi in Kerala
that has helped Virginia export nearly USD 300
million in goods to India
each year," he said.
Burns
last week in New Delhi , has urged his Indian
counterparts to address non-tariff barriers, favouritism for local companies,
restrictions on foreign investment and intellectual property protection because
progress and predictability will only shore up India 's economic foundations.
"We
are aiming for a high quality agreement that expands on recent reforms to
provide still greater openness to investment, strong rules to protect investors
and guarantee transparency and effective means for resolving disputes should
they arise", he said.
He
added that consortium of Indian and American corporations and banks have
created Infrastructure Debt Fund to finance India 's massive investment in
roads, grids, seaports, airports and all the necessary building blocks of a
modern economy.
He
said that Civil Nuclear Initiative still holds promise for the people of India and US.
"Without
diminishing the real and frustrating challenges we have faced, both governments
are now engaged in realising practical benefits of the civil nuclear agreement,
especially reliable electricity for India 's homes and businesses,"
he said.
Burns
argued that our companies are making good headway in negotiations with their
Indian counterpart to complete works agreements by the end of this year.
In
June, Westinghouse and India 's
Nuclear Power Corporation took important steps that will lead to Westinghouse
nuclear reactors in Gujarat . We hope General
Electric can follow suit.
He
said, "Indian government has clearly indicated that nuclear energy will
remain important part of India 's
energy equation and we are equally committed to expanding cooperation in other
areas, from wind and solar energy to natural gas and bio fuels". --NNN-PTI
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