India has created 50,000 jobs in US: top US official

Even as unemployment remains a major issue in the US, Indian companies through massive investments in America have created 50,000 jobs in the country, deputy secretary of state William J Burns said on Friday.

He said Indian investment in the country grew 20-fold in 10 years to $27 billion in 2010, making the economic relationship between the two countries ''very much a two-way street''.

"Both of us are focused on attracting growth and investment to our shores. The 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. At the same time, opportunities for small, medium and large American businesses in India are staggering," Burns said.

However, he lamented the lack of infrastructure. While India is being projected to become world's third largest economy by 2025, currently 90 per cent of India is still without broadband, and 80 per cent of India's infrastructure for 2030 hasn't yet been built, he pointed out.

Burns praised the recent Indian decisions liberalising the economy. ''India's recent easing of some restrictions on foreign direct investment is promising. Indian multi-brand retail, aviation, power grid and broadcasting companies and markets will be more open to investment, technologies and best practices from all around the world. It will be easier to bring food to market,'' he said.

"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 added.