Breaking News

You are here » Indian-Commodity  :  Economy  :  India-US relationship needs stronger economic bond to achieve full potential: CEA


India-US relationship needs stronger economic bond to achieve full potential: CEA

Chief Economic Adviser (CEA) Arvind Subramanian has said that the relationship between India and the United States (US) have been extremely well on the strategic and defence fronts but it needs stronger economic bond in order to achieve full potential. He said “I was a great supporter of the US-India Free Trade Agreement (FTA) idea some time ago. Of course, we all have to recalibrate our notions and expectations and so on.” He added that there is need to start thinking more creatively about how to maintain this relationship. 

Subramanian has noted that India has benefited from open international trading system in the past and in the long run, its economic fortune depends on an open trading system. Therefore, he said that it was terribly important for India and the US to work towards sustaining this open relationship. He expressed hopes that the nation will ride out the current problems of attitudes to the trading relationships, but in the medium run, it's up to countries like India, many middle-income countries like India, medium-sized countries to sustain an open international trading environment.

Asserting that the Indo-Pacific is and is going to continue to be the world's economic center of gravity for a very long time, CEA said that India has to be well-positioned in order to both contribute to and take advantage of this kind of opportunity. Calling the Trans-Pacific Partnership (TPP) 'one of the big developments', he expressed hopes that the US will reconsider its decision about the multilateral agreement for economic, geo-strategic, and geopolitical reasons. He noted that there is now a real opportunity for India and the US to cooperate on coal.

Related News

View all news

India's economy to grow at 7.5% in 2019, 7.7% in 2020: IMF

The International Monetary Fund (IMF) in its January World Economy Outlook update has said that India's economy is expected to grow at 7.5% in the 2019, keeping an upward trajectory as the rest of the......

India has potential to be $5 trillion economy in next 7-8 years: Suresh Prabhu

Expressing confidence over growth of Indian economy, Union Commerce and Civil Aviation Minister Suresh Prabhu stated that India has potential to be a $5 trillion economy in the next 7-8 years. He added......

Working group recommends measures to attain $5 trillion economy by 2025

In order to increase the size of India's economy to $5 trillion by 2025, a working group of the Commerce and Industry Ministry has come out with a blueprint suggesting a bunch of lengthy and short-term......

Top News

View all news

RPP Infra Projects bags orders worth Rs 62.90 crore from BHEL

RPP Infra Projects has bagged orders from Bharat Heavy Electricals (BHEL), Chennai for worth of Rs 62.90 crore. The first order is for providing civil works of Boiler, Mill and Bunker, ESP area of unit......

Glenmark gets tentative ANDA approval for Abiraterone Acetate Tablets

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Abiraterone Acetate Tablets USP, 250 mg, a generic......

HDFC Standard Life Insurance reports 18% rise in Q3 net profit

HDFC Standard Life Insurance has reported results for third quarter ended December 31, 2018. The company has reported a rise of 18.48% in its net profit at Rs 245.63 crore for the quarter under review......