Geithner calls for closer economic ties

The visiting US treasury secretary Timothy F Geithner on Wednesday said Washington will closely work with New Delhi to promote a more balanced and greater economic cooperation between the two nations.

"The whole focus (of the meeting) was to find ways of enhancing economic cooperation between the two countries and growth opportunities existing here," ICICI Bank managing director and chief executive Chanda Kochhar told reporters after a power lunch with Geithner in the financial capital.

"We also discussed how financial collaboration between the two countries can be extended," Kochhar said, adding at the meeting Geithner called for closer bilateral ties to create a balanced global economic growth.

Kochhar said said the Indian participants shared their views on infrastructure development and microfinance with him. Tata Group chairman Ratan Tata and Mahindra & Mahindra vice-chairman and managing director Anand Mahindra co-hosted the power lunch for the CEOs with the visiting the US treasury secretary.

Among others who attended the meeting included Reliance Industries chairman and managing director Mukesh Ambani, SBI chairman OP Bhatt, TCS vice-chairman S Ramadorai, Kotak Mahindra Bank managing director Uday Kotak, and Piramal Healthcare's Swati Piramal.

Earlier in the day, Geithner met several bankers to discuss microfinance and micro-banking scenario in the country at the University of Mumbai. Geithner is on a two-day visit to the country and had met Prime Minister Manmohan Singh and finance minister Pranab Mukherjee on Tuesday in the Capital.

Image: Ratan Tata, Timothy Geithner and Anand Mahindra in Mumbai