Observing that subsidies, high tariffs and government involvement in markets continue to stand in the way of many potential partnerships between American and Indian businesses, the US Deputy Chief of Mission, Robert O Blake, on Thursday, expressed the hope that the new government in New Delhi would have the mandate to accelerate reforms.
"Most analysts say these elections are historic because they mark the first time that the primary focus of voters has been on development and economic modernisation. This means that new government will have the mandate to accelerate economic reforms and the opening of India's economy," Blake said at the South Asia Communications Infrastructure conference in New Delhi.
Blake said India was now more committed than ever to embracing economic reform and forging the kind of global relationships it needed to become a global economic leader.
"The journey towards economic transformation is not complete. India still carries with it the weight of its economic past: the vestiges of a planned and protected economy continue to thwart this county's progress towards efficient markets," he said.
Blake said subsidies, high tariffs and government involvement in markets continue to stand in the way of many potential partnerships between American and Indian businesses.
"But we are bullish about the future of US-India economic partnership. India's national consensus in favour of economic reform, its growing and outward-oriented middle class, its young and dynamic population and India's impressive scientific and IT resources will generate growth for India and new opportunities for American business," he said.