Econintersect: The United States and India are not at odds about the the development of India’s financial markets, according to U.S. Sectretary of the Treasury Timothy Geithner. The comments were made at a business forum with Indian Finance Minister Pranab Mukherjee being held in Washington. Geithner also said that the next wave of growth in India would depend on financial reforms in India that would “deepen” the country’s financial markets and allow U.S. more access to them.From Reuters:
The two finance ministers and their top lieutenants will participate in annual economic talks in Washington on Tuesday.
“I think from our perspective, the most important thing we’d like to see is progress on financial reforms that provide a deeper, more liquid market for corporate debt for infrastructure financing, that allow a little more access of American companies and their technology in the financial area,” Geithner said. “Our interests are pretty complementary as a whole.”
The second installment of the U.S.-India Economic and Financial Partnership talks, launched last year in New Delhi, are not likely to stir acrimony. The two democracies, both powered by domestic-led growth with market-driven currencies, have many common goals.
According to The Times of India, Geithner also said that a new emerging trend for some U.S. companies to bring some production back to the United States creates no risk for India’s growth, because much of India’s growth will be generated internally.