US Asks India To Accelerate Next Generation Economic Reform.

"India today is reaping the benefits of the path-breaking reforms set in motion in the past by Mr (Manmohan) Singh in 1990 (then as the Finance Minister). But I think, India is at a point now where the future growth would depend on the success of next wave of reforms, not just in the financial sector, but also including the financial sector," Geithner said.

"I think the Indian economy has outgrown the financial system and it has got a huge need for infrastructure financing, capital financing for running the business, the success of the Indian economy would depend on the substantial expansion on the success of the next wave of next generation of financial reforms. Of course we hope to be part of that," he said. On the trade and investment side, Geithner said there are substantial unexplored opportunities to improve access for Indian companies in the United States and US companies in India.

"Of course, Indian technology, talent and ideas already play a major role in the US economy and that is going to grow overtime. We are committed to running not just an open non-discriminatory investment regime welcoming Indian investment, we want to continue find ways to make Indian companies playing a greater role in our economic growth," Geithner said. "Of course we would be talking about things that are important to us in the Indian market. Indian authorities would look for ways to improve the quality in investment environment because again growth requires capital, investment and ideas and there is lot of room to improve on that basic front," the Treasury Secretary said.

Source : ibnlive.in.com