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India, US discuss closer economic ties

US deputy secretary of state William Burns today met finance minister P Chidambaram and discussed ways to boost bilateral economic ties amid the global economic downturn.

delhi Updated: Oct 19, 2012 19:54 IST

US deputy secretary of state William Burns on Friday met finance minister P Chidambaram and discussed ways to boost bilateral economic ties amid the global economic downturn.

Burns also conveyed his appreciation for the Indian government's decision to allow foreign investment in retail sector.

Speaking to reporters, Burns said he stressed that allowing FDI in retail will strengthen the Indian economy and help farmers get higher revenues.

Lauding growing people-to-people relations between India and the US, Burns underlined that the partnership between the two countries will strengthen the global economy.

Issues relating to the global financial crisis and cooperation in the G20 grouping of emerging economies also figured in the discussions.

Burns also met Bharatiya Janata Party leader LK Advani and discussed the upswing in the India-US relations.

India is the last leg of Burns' five-nation Asia tour that also included Japan, South Korea, China and Myanmar.

Burns will meet foreign secretary Ranjan Mathai Friday to discuss the East Asia situation and the flux in Afghanistan.