India's reforms initiatives very promising: US Treasury Secretary

     Visiting US Treasury Secretary Tim Geithner on Tuesday described India's recent reforms initiatives to be very promising, and said that it would have a positive outcome for the country's economy. "The reforms outlined by the government of India offer a very promising path to improving growth outcomes for the Indian economy," he said at a press conference here along with Finance Minister P. Chidambaram. Asserting that India has achieved remarkable economic success in the last 15 years, Geithner said: " India is very important to the United States . We have a promising and very rapidly expanding economic relationship. We have a strategic partnership."

Meanwhile, Chidambaram, referring to the joint meetings, said 'this forum has given us a much better opportunity to be able to talk to each other and understand each other'. " As Secretary Geithner mentioned, our relationship is based on common values and interest and deep-rooted ties of friendship between the people of US and the people of India . In today's meetings, we discussed the global economic and financial developments," said Chidambaram. " India is deeply locked into the global economy. Whatever happens in other parts of the world will affect us. And therefore, we must gain a better understanding about the happening in rest of the world, especially the U.S. and the Euro zone," he added.

US Treasury Secretary Geithner and U.S. Federal Reserve Chairman Ben Bernanke are presently on a two-day visit to India to participate in the third annual meeting of the US-India Economic and Financial Partnership (USIBC) Geithner will later in the day tomorrow participate in a moderated discussion hosted by the Confederation of Indian Industry (CII) and the US-India Business Council. Geithner will travel to Mumbai on October 10 to meet RBI Governor Subbarao, as well as Indian business leaders from a variety of industries. Bernanke will also be meeting with RBI officials. The visit of US Treasury Secretary assumes significance against the backdrop of the UPA Government taking a slew of reform measures such as permitting foreign investment in multi-brand retail and deciding to raise the FDI cap in insurance.

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