US betting on India's role in global autonomy

Chennai: The US' policy towards India was open and unequivocal," and the former is 'betting' on New Delhi's greater role in regional and global economy for worldwide prosperity, a senior US government official has said.

"Today, our policy towards India is open and unequivocal: the Indo-US relationship is one of the defining partnerships of the 21st century.There are still obstacles to overcome and questions to answer, but the United States is betting that India's greater role in the regional and global economy will pave the way to prosperity worldwide," US Consul General, Jennifer McIntyre said.

At her address at the Consultative Committee of City Chambers of Commerce on Indo-US engagement on Friday evening, she said while bilateral trade and exports have grown manifold, more is required to be done.

She said despite increase in bilateral trade, India was only its 12th largest trading partner, putting the trade ties on par with the US trade relationship with the Netherlands.

"Given the size of our respective economies, we must do better.Both of our markets have enormous untapped potential," she said.

She said by reducing tariff barriers and eliminating non-tariff barriers, both countries can create mutually beneficial trade opportunities.

In 2010, the United States provided over $ 27 billion of foreign direct investment to India. These increases were impressive, but inadequate, McIntyre said, adding, India needed an estimated $ 1.2 trillion of additional infrastructure development.

Touching upon the New Silk route concept, she said it was "rooted in the belief" that opening of South Asia's markets will produce a more prosperous India and a more prosperous South Asia.

"At the moment, South Asia is one of the least economically integrated regions in the world. While accounting for nearly 23 per cent of the world s total population, its share of global GDP is less than three percent. Both the United States and India believe that economic integration can play a crucial role in furthering South Asia's long-term stability.We hope to build commercial connections to link India to other South Asia markets," McIntyre said.