India’s higher growth needs more economic opening: Powell

Kolkata, May 21 (IANS) US Ambassador Nancy Powell Tuesday called for greater economic opening and more foreign investments for India’s higher economic growth.

“The road to higher growth will require more economic opening and more foreign investment. Since GDP growth is not an end in its own right, since the ultimate goal is to raise standards of living and to eradicate poverty, opening the economy and bringing in more foreign investments take on a new urgency. You cannot defeat poverty without growth,” Powell said.

She was speaking at an event organised by the Bengal Chamber of Commerce and Industry.

Powell, who was on a two-day visit to the city, said the US and India shared similar goals to encourage domestic manufacturing and industry.

“I firmly believe that the most effective way to grow India’s manufacturing sector in both the short term and the long run is to make investment in India more attractive, both for domestic and foreign firms alike,” she said.

Describing Indo-US relationship as ‘vibrant’, Powell said: “The importance of building the economic relationship between the US and India in the immediate future cannot be understated, and I believe we are growing from strength to strength”.

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