News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 12 years ago
Home  » Business » Reforms initiatives very promising: US Treasury Secy

Reforms initiatives very promising: US Treasury Secy

Source: PTI
October 09, 2012 15:23 IST
Get Rediff News in your Inbox:

Indian flagDescribing India's recent reforms initiatives as 'very promising', US Treasury Secretary Timothy Geithner said on Tuesday it would have positive outcomes 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 joint news conference with Finance Minister P Chidambaram.

Geithner said this while replying to a question on India's recent decision to open multi-brand retail to foreign investment.

The other recent reforms initiative of the government include the decision to raise FDI cap in insurance from 26 to 49 per cent and allowing foreign investment in pension.

The reforms, Geithner said, would lay the

foundation for improving investments in the economy and ensure that "gains of those growth and investments are shared more broadly by the citizen of India".Geithner and US Federal Reserve Chairman Ben Bernanke are on a two-day visit to participate in the 3rd Cabinet Level Meeting of Indo-US Economic and Financial Partnership.

Among others, the meeting was also attended by RBI Governor D Subbarao.

Referring to the joint meetings, Chidambaram said: "This forum has given us a much better opportunity to be able to talk to each other and understand each other. In today's meetings we discussed the global economic and financial developments".

Geithner and Bernanke are scheduled to address business leaders here and visit Mumbai tomorrow before leaving for Tokyo to attend the International Monetary Fund and World Bank meetings.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!