A top Obama Administration nominee in the Department of Commerce has told American lawmakers that the US has no other option but to work in close association with India and China because of their growing economic clout.
"We are obliged to deal with India because of the resources that the Indian economy is putting behind, because they want a certain level of economic excellence and economic primacy as well," Dennis Hightower, the Obama nominee for
Deputy Secretary of Commerce, told the Senate's Commerce, Science and Transportation Committee in his confirmation
hearing.
"So unless we begin to understand how those two countries (India and China) function, how they think about global
economic development, we are going to have an issue that is not going to have the outcome that we want," he said.
"I would say one of my early priorities certainly, upon confirmation, would be to look at, one, the trade issues, and
two, how do we then use the leverage of the classic innovation and some of the new technology that we have and can bring to bear to change the dynamic that currently exists with those countries?" Hightower said in response to a question.
Referring to his recent experience and travel to India, Hightower said most of the projections that he has read and
have been a part of providing data for, in the next 25 years over 60 per cent of all consumer spending is going to occur
between China and India.
Referring to his recent experience and travel to India, Hightower said most of the projections that he has read and
have been a part of providing data for, in the next 25 years over 60 per cent of all consumer spending is going to occur
between China and India.