US Ambassador Nancy Powell on Tuesday batted for greater economic cooperation by way of bigger foreign investment in India in order to return to a higher growth percentage.
Advocating the opening of Indian economy to the foreign players, the US Ambassador said, “The road to higher growth will require more foreign investment. Insisting that increased GDP should be accompanied by raised standards of living, Powell who earlier did a Hilary Clinton by meeting and praising Bengal Chief Minister Mamata Banerjee at the Writers’ Buildings on her completion of two years in power, said “The ultimate goal is to raise standards of living and to eradicate poverty.”
Curiously, the Bengal Chief Minister, who on Monday drew huge praise from Powell, has been a prime critic of the FDI in retail.
Applauding the efforts of the Government “to stay true to its commitment to continue with economic reform particularly in the foreign investment rules”, the Ambassador who was addressing an audience at the Bengal Chamber of Commerce and Industry, insisted “There is more yet to do in order to return to the 10 per cent growth” trajectory and because poverty could not be beaten without growth.
Stressing the growth of domestic industry as her own country did, Powell rued that India’s tariff and non-tariff barriers were high to the detriment of import of technology. She said that the India-US relations were “very vibrant” and “growing from strength to strength”.