Washington: Asserting that the most rapidly growing companies in the US are those that benefit from growing exports to India, treasury secretary Timothy Geithner on Monday said India’s economic expansion does not threaten the US and is helping the American economy’s recovery.
“The most rapidly growing companies in the US are those who are able to benefit from their export growths in India and other parts of the world,” the treasury secretary said in his address to the ‘US-India Economic and Financial Partnership´ conference jointly organised by the Confederation of Indian Industry (CII) and Brookings Institute, a Washington-based think-tank.
“Our export growth has been very strong in early years of recovery. If you look across agriculture, technology manufacturing — the most resilience, most dynamic part of the American economy are those who are most exposed to the opportunities received in India and emerging economies,” Geithner said.
“I think by explaining to people that by that export growth, you see more jobs, more income and growth, you can help demonstrate to the American people why we have such a strong stake in America’s relationship with India,” he said.
“Growth in India is with the United States, there is no threat to the United States,” he said, adding that the US benefit greatly from the sheer talent and skills of Indian companies and personnel operating in the United States today.
“If you point people to the tangible benefit that comes from more export options, more jobs, the more the helpful,” the Treasury Secretary said, adding that for the US to be successful in future, it needs to see a growth strategy more driven by investment and export.
“Responding to questions, Geithner said: “If you look at this relationship, one of the things encouraging about it is the relative absence of drama. There is a natural complimentary of opportunity and interest and that the private sector has ample room to take advantage of it,“ Geithner said.
“But of course there are bunch of things that stand in way of that.
“These issues are being addressed gradually, he said.
“I do not think there is any hurdle (to US India relationship),” said Indian finance minister Pranab Mukherjee, who also attended the panel discussion.
“Surely there is difference in the perception, but through discussions and negotiations, we have been able to remove the obstacles which were there,” said Mukherjee.
For example, after the visit of US President Barack Obama to India, the removal of restrictions on the export of certain sensitive technological and other items to India, as well as the removal of Indian companies from a list of entities banned access to dual-use technologies, is a major step forward, he said.
“Of course, the civil nuclear cooperation agreement is an important landmark. Therefore, I do not think there is any big hurdle. In the course of deliberations, sometime some concerns are expressed. Those ought to be addressed, which we are doing exactly this time,” he said.