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US to India: Accelerate next generation economic reform

Washington: Observing that India and the US are at the threshold of unlocking the great potential of their bilateral economic relationship, Treasury Secretary Timothy Geithner on Monday urged New Delhi to accelerate next generation reform to spur the growth of the Indian economy.

"We view this relationship as having enormous potential.

I think we are just at the very beginning of unlocking the great potential of unlocking this economic relationship," Geithner said, addressing a conference on the `US-India Economic and Financial Partnership` jointly organised by the Confederation of Indian Industry (CII) and Brookings Institute, a Washington-based think-tank.

On Tuesday, Geithner will lead a high-powered US delegation for the second India-US Economic and Financial Partnership discussions being held at the Treasury.

Finance Minister Pranab Mukherjee arrived in Washington on Monday morning leading an Indian delegation to attend what is being billed as the highest level economic meeting between the two countries.

"We are going to spend our time in talking about a list of the most important challenges and opportunities between us.

Obviously as we always do, we would talk about the global economy, the risk and challenges ahead and talk little bit about economic developments in the United States and India," Geithner said, giving an insight into the meeting.

Geithner, who hosted Mukherjee and his delegation for a dinner on Monday night, said their main focus is to look forward and expand and strengthen the economic and trade and industrial relationship.

"I think, from our perspective, the key thing is the outlook for economic reform. This is true in the United States — fiscal and economic reform — but also true for India as well," he said.

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