Geithner welcomes India's market-opening reforms
09 October 2012 - 13H43
AFP - US Treasury Secretary Timothy Geithner welcomed Tuesday a string of economic
told a news conference in New Delhi following talks with his Indian counterpart, P. Chidambaram.
The measures "will help provide stronger economic growth and stronger growth in private
sector", he added.
Geithner, who is accompanied by Federal Reserve chairman Ben Bernanke, said his visit to India
was to demonstrate his commitment to a "very promising economic relationship."
Since mid-September, Prime Minister Manmohan Singh's Congress-led government has opened
the retail, broadcasting and aviation sectors to foreign companies and proposed overseas
investment in the insurance and pension industries.
US supermarket giant Walmart intends to be one of the first companies to benefit, saying it will
open its first store for consumers in the next 18-24 months. It already operates as a wholesaler in
India.
In April, Geithner criticised proposed legislation to chase overseas firms for taxes on mergers
involving Indian assets, saying the move had "dampened enthusiasm about India's investment
climate".
Chidambaram, who took over in July, has since said the proposed law will be reviewed.
Washington is still pushing for business in the fast-growing Indian atomic energy sector after
being disappointed that a landmark 2008 nuclear deal failed to yield contracts for its reactor
manufacturers such as Westinghouse Electric.
---------------------------
Geithner's kudos for India's reforms
Says United States may issue more visas to Indians
BS Reporter / New Delhi Oct 10, 2012, 00:43 IST
Visiting US Treasury Secretary Timothy Geithner on Tuesday called the recent reform measures
initiated by India very promising and said it would push up investors’ confidence.
He sought to allay the impression that the US had lobbied for these steps. “The reforms outlined
by the government of India offer a very promising path to improving growth outcomes for the
Indian economy,” he said at a joint news conference with Finance Minister P Chidambaram. At a
function organised by the Confederation of Indian Industry (CII) later, Geithner said it was
entirely India’s choice to choose the reforms it wants to pursue.
When asked what reform he would like to see next, the US treasury secretary said, “Really, not
my place. We have our hands full in the United States. (It is ) not for us to know where India’s
interests lie.” Geithner was accompanied by US Federal Reserve Chairman Ben Bernanke, to
participate in the third Cabinet-level meeting of the Indo-US Economic and Financial Partnership.
The meeting was also attended by Reserve Bank of India Governor D Subbarao.
Geithner and Bernanke are scheduled to visit Mumbai tomorrow and then leave for Tokyo to
attend the International Monetary Fund and World Bank meetings. Chidambaram left for Tokyo
tonight. Geithner said he expected an increase in the number of visas granted to Indians. He did
not give the details but said this might provide relief to Indian information technology companies
demanding more H-1B work visas.
Chidambaram told the visiting treasury secretary that supply of excess liquidity by the US Fed
through the third quantitative easing could increase commodity prices.
The US side, however, pointed out that prices might rise in dollars terms, but not in rupee terms
if the Indian currency continued to appreciate.
The rupee had depreciated 9.36 per cent to Rs 55.64 against the dollar at the end of the quarter
ending June from Rs 50.88 at the end of March quarter. It appreciated by 4.99 per cent to 52.86
against the dollar at the end of the July-September quarter.
When asked if India-US relations are facing any problems, Geithner said, “Sometimes the absence
of drama is considered as signs of strain. We don’t have any major issues or problems in bilateral
relations.”
09 October 2012 - 13H43
Geithner has welcomed a string of economic reforms in India that open up large sectors of the economy to foreign companies.
AFP - US Treasury Secretary Timothy Geithner welcomed Tuesday a string of economic
reforms in India that open up large sectors of the economy to foreign companies.
'' Washington, which is keen to forge a closer diplomatic and commercial relationship with India as an ally in Asia, has been pushing for better access for its companies in the vast and largely untapped South Asian market'' .The reforms are "obviously very promising. They will be welcomed around the world", Geithner
- US Treasury Secretary Timothy Geithner
told a news conference in New Delhi following talks with his Indian counterpart, P. Chidambaram.
 |
| இந்தியாவை ஏலம்போடும் மன்மோகன் சிதம்பரம் கும்பல். |
The measures "will help provide stronger economic growth and stronger growth in private
sector", he added.
Geithner, who is accompanied by Federal Reserve chairman Ben Bernanke, said his visit to India
was to demonstrate his commitment to a "very promising economic relationship."
Since mid-September, Prime Minister Manmohan Singh's Congress-led government has opened
the retail, broadcasting and aviation sectors to foreign companies and proposed overseas
investment in the insurance and pension industries.
US supermarket giant Walmart intends to be one of the first companies to benefit, saying it will
open its first store for consumers in the next 18-24 months. It already operates as a wholesaler in
India.
In April, Geithner criticised proposed legislation to chase overseas firms for taxes on mergers
involving Indian assets, saying the move had "dampened enthusiasm about India's investment
climate".
Chidambaram, who took over in July, has since said the proposed law will be reviewed.
Washington is still pushing for business in the fast-growing Indian atomic energy sector after
being disappointed that a landmark 2008 nuclear deal failed to yield contracts for its reactor
manufacturers such as Westinghouse Electric.
---------------------------
Geithner's kudos for India's reforms
Says United States may issue more visas to Indians
BS Reporter / New Delhi Oct 10, 2012, 00:43 IST
Visiting US Treasury Secretary Timothy Geithner on Tuesday called the recent reform measures
initiated by India very promising and said it would push up investors’ confidence.
He sought to allay the impression that the US had lobbied for these steps. “The reforms outlined
by the government of India offer a very promising path to improving growth outcomes for the
Indian economy,” he said at a joint news conference with Finance Minister P Chidambaram. At a
function organised by the Confederation of Indian Industry (CII) later, Geithner said it was
entirely India’s choice to choose the reforms it wants to pursue.
When asked what reform he would like to see next, the US treasury secretary said, “Really, not
my place. We have our hands full in the United States. (It is ) not for us to know where India’s
interests lie.” Geithner was accompanied by US Federal Reserve Chairman Ben Bernanke, to
participate in the third Cabinet-level meeting of the Indo-US Economic and Financial Partnership.
The meeting was also attended by Reserve Bank of India Governor D Subbarao.
Geithner and Bernanke are scheduled to visit Mumbai tomorrow and then leave for Tokyo to
attend the International Monetary Fund and World Bank meetings. Chidambaram left for Tokyo
tonight. Geithner said he expected an increase in the number of visas granted to Indians. He did
not give the details but said this might provide relief to Indian information technology companies
demanding more H-1B work visas.
Chidambaram told the visiting treasury secretary that supply of excess liquidity by the US Fed
through the third quantitative easing could increase commodity prices.
The US side, however, pointed out that prices might rise in dollars terms, but not in rupee terms
if the Indian currency continued to appreciate.
The rupee had depreciated 9.36 per cent to Rs 55.64 against the dollar at the end of the quarter
ending June from Rs 50.88 at the end of March quarter. It appreciated by 4.99 per cent to 52.86
against the dollar at the end of the July-September quarter.
When asked if India-US relations are facing any problems, Geithner said, “Sometimes the absence
of drama is considered as signs of strain. We don’t have any major issues or problems in bilateral
relations.”
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