Geithner bullish on India’s policy shifts
09 Oct 2012
The US economy is in a much stronger condition today than any developing economy, and despite the high unemployment, the basic features of the economy are strong, US treasury secretary Timothy Geithner said today.
"The US has been growing a little above 2 per cent, though the European crisis has been a significant shock. US-based companies have been able to bring back manufacturing to the US," said US treasury secretary Timothy Geithner at an interaction with members of the Confederation of Indian Industry (CII) in New Delhi on Tuesday, reports CNBC-TV18.
Geithner, who is leading a delegation of key US government officials, including Federal Reserve chairman Ben Bernanke, welcomed the Indian government's new-found appetite for economic reform and hailed the latest reforms as "significant".
"The reforms will take time to bear fruit," he said while addressing media persons along with finance minister P Chidambaram in New Delhi.
He, however, tied US economic forecast to the euro-zone crisis, but said the US will manage its fiscal issues."
He said though uncertainty still persisted in the European market, he felt encouraged by the measures taken up by the Indian government.
"The Indian government's reforms will boost FIIs. We will use Indo-US cooperation to prevent tax evasion and the impact of initiatives taken by India is very powerful," he added.
