Accessibility links

Senior US Official Welcomes India's Economic Reforms


U.S. Treasury Secretary Timothy Geithner interacts with invitees of the Indian trade body, Confederation of Indian Industries, in New Delhi, India, October 9, 2012.
U.S. Treasury Secretary Timothy Geithner has welcomed India's decision to pursue reforms aimed at stimulating the country's lagging economy.

He says the reforms are "very promising" and will help provide a platform for stronger economic growth.

Geithner made his remarks following talks Tuesday in New Delhi with his Indian counterpart, P. Chidambaram.

The reforms announced in recent weeks include allowing foreign supermarket chains to set up shop in India, and opening up the aviation and broadcasting sectors to greater foreign investment. The government also increased diesel prices to combat India's deficit.

Critics say the reforms will hurt India's small business owners and the poor.

Earlier this year, U.S. officials voiced concern about declining opportunities in India for foreign investment.

Some information for this report was provided by AFP and Reuters.

XS
SM
MD
LG