India, US need each other for economic growth: Richard Verma


India and the US need each other economically and the two countries should help power global economic growth and create economic opportunities and jobs, American Ambassador to India Richard Verma has said.

“India and the US need each other economically,” he said speaking at the Brookings Institute, a top US think-tank.

“We both need to help power global economic growth; we rely on the collaborative science, exploration, and innovation that will bring new discoveries for our people; and we both need to create economic opportunities and jobs for our people,” he said in his remarks.

Verma said that in the last decade the two countries have made dramatic progress in virtually every category of cooperation and the statistics are compelling.

In 2005, the two-way trade numbers were around USD 30 billion. Today, they stand at USD 104 billion, and the two countries are aiming to get that number up to USD 500 billion.

“In just the last three months, bilateral trade increased by well over USD 5 billion with the conclusion of Boeing s USD 3.3 billion Apache/Chinook deal and the USD 2.6 billion GE agreement to provide India s vast railway network with next-generation locomotives, many of which will be made and assembled in India,” the Ambassador said.


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