Indian companies created 50,000 jobs in US: Burns
At a time when unemployment is a major issue in the US due to its poor economic status, Indian companies through its massive investments in America have created 50,000 jobs in the country, a top US diplomat said.world Updated: Oct 27, 2012 10:25 IST
At a time when unemployment is a major issue in the US due to its poor economic status, Indian companies through its massive investments in America have created 50,000 jobs in the country, a top US diplomat said.
"Our economic relationship is very much a two way street. Both of us are focused on attracting growth and investment to our shores. Indian owned Tata factory in Ohio puts thousands of Americans to work, part of the over 50,000 jobs Indian firms have created in the US. Opportunities for small, medium and large American businesses in India are staggering," US Deputy Secretary of State William Burns said on Friday.
Burns added that India is being projected as world's third largest economy by 2025. But 90% of India is still without broadband, 80% of India's infrastructure for 2030 hasn't yet been built, according to McKinsey, India plans to invest one trillion dollars on infrastructure in the next five years alone.
Burns praised the recent Indian decisions with regard to next phase of economic reforms.
"Of course, for our companies to provide the technology and expertise to help India prosper, India's government must create an environment that encourages growth," he said.
He added that India's recent easing of some restrictions on Foreign Direct Investment are promising. Indian multi-brand retail, aviation, power grid and broadcasting companies and markets will be more open to investment, technologies and best practises from all around the world. It will be easier to bring food to market.
He emphasised that greater economic openness is not a concession to the US. It is one of the most powerful tools India has to maintain and expand its growth.
Burn Observe that India has no more important partner than US. Total direct investment of US in India in 2000 was $2.4 billion which in 2010 get to $27 billion. During the same period Indian direct investment in America grew over $200 million to nearly $5 billion, which is more than a twenty fold increase. So we have never invested in each other's country to such extent.
"Maryland Governor Martin O'Malley get $60 million in two way businesses from his India visit. Kentucky Governor Steve Beshear visited India three times and bring about $7 billion private sector energy deal. Norfolk has a sister city alliance with Kochi in Kerala that has helped Virginia export nearly $300 million in goods to India each year," he said.