US Pitches for Better Economic Ties Between India, Pak - The New Indian Express

US Pitches for Better Economic Ties Between India, Pak

Published: 06th March 2014 04:11 PM

Last Updated: 06th March 2014 04:11 PM

Biswal, who is on a visit to India, had yesterday called on Foreign Secretary Sujatha Singh during which she had conveyed the US government's message that ties between the two countries were "important" and both sides should move forward putting behind their "differences" over the Khobragade episode.

In her address, Biswal said the willingness by both the US and India to talk about their differences indicates that they are "confident and mature partners".

She said certain policies in India are "discouraging investment into India, inhibiting innovation and holding India back from developing the world-class manufacturing sector it needs to compete and generate jobs for the millions of Indian youth entering the job market".

Biswal said that the US "New Silk Road" programme in Asia aims at reducing trade barriers to support international development and cross-border projects.

"We are focusing our efforts in creating a regional energy marking linking Central and South Asia; promoting trade and transport routes; improving customs and borders; and linking businesses and people," she said.

Biswal said that Afghanistan and its neighbours were championing the New Silk Road vision, creating new North-South transit and trade routes that complement vibrant East-West connections across Eurasia.

The US Assistant Secretary of State termed as "highly impressive" the demographics of India with 600 million people being under the age of 25 years and the 'consumer class' expected to double to 575 million people by 2025.

"If India can help nurture the talents of its people and provide them with productive outlets, India will greatly benefit from its youth boom. We are betting that by 2030 India can and will grow to the third largest economy in the world in terms of nominal GDP and not just purchasing power parity. Some even predict that India could be the largest economy by 2050," Biswal said.

"And if India's enviable demographic boom is to be harnessed, India must make an unprecedented commitment to skill and knowledge development across all sectors of the economy," she added.

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