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India and US are drivers of global economic growth, says Jacob J Lew

US Treasury Secretary Jacob J Lew on Wedesday said India and the United States are two important drivers of global growth.

“We can work together to deepen capital markets to unlock domestic resources and welcome foreign investment into India, strengthen financial regulatory reform, improve our coordination on tax issues, and combat money laundering and terrorist financing,” he added.

Secretary Lew was speaking at the round table with India’s leading business heads organized by CII and US India Business Council. 

”Through the Economic and Financial Partnership, we will support India’s growth and reform efforts and encourage greater opening of India’s economy to US firms. This dialogue is an important vehicle for bilateral engagement with India on a range of economic policy issues,’’ he noted.

Secretary Lew informed that trade between two countries is at a record high — nearly $ 100 billion a year. Strengthening growth in both India and the United States will mean more demand, and more opportunities, for firms and workers in both nations.

“The growth we are experiencing in the United States is good for India, just as growth in India is good for the United States. Together we can do more to help ensure shared growth, promote job creation, and strengthen demand. 

India and the United States have an important partnership and share both strong economic ties and personal ties between the peoples of our two nations, he said.

Further, Secretary Lew said over the past five years, our private sector has created more than 11 million jobs. Last year alone, American businesses created nearly 3 million jobs and the unemployment rate is now 5.7 percent.

“At the same time, GDP posted strong gains in the second and third quarters last year, and many private forecasters project above-trend economic growth to continue. Our overall growth has been supported by increases in household wealth, a gradually improving housing market, a growing manufacturing sector, and a flourishing auto industry,” he noted. 

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