The United States said on Tuesday cooperation with India was vital to ensure global financial stability as the world’s two largest democracies launched a bilateral economic partnership programme to tap investment opportunities.
India asked US firms to invest in the infrastructure sector that would require funds of more than $600 billion ( about Rs 27.6 lakh crore) in the next five years to build the country’s roads, ports and airports.
“Deepening our ties with India is critical to the broader global effort to develop a framework for strong growth,” US Treasury Secretary Timothy Geithner said after a meeting with Finance Minister Pranab Mukherjee.
Mukherjee and Geithner launched the India-US Financial and Economic Partnership to “strengthen bilateral engagement and understanding on macroeconomic, finance and infrastructure-related issues.”
The partnership will meet next at the Cabinet level in the US and working group meetings will be held during the year.
“The discussion held today focused on global development with a special emphasis on US and Indian economies,” Mukherjee said.