US Worried About Indian Economic Climate

17 July 2012 23:00 - Lucy Williams

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US Worried About Indian Economic Climate

Barack Obama has been criticised for citing concerns over India’s investment climate and its economy. Over the weekend Obama expressed concerns over India’s economic reforms causing outrage in India. In an interview with the Press Trust of India, Obama suggested that in the current economic climate it was too risky for US businesses to invest in India. In addition it was proposed that now is the right time for further economic reforms to ensure that India can successfully compete in global economics. Obama assured that relations between India and the US would remain strong calling the two countries “natural allies”.

However Obama did applaud India for its success in lifting millions out of poverty and its position as a driver of global economic expanse. Yet this praise did not help in calming the reactions of Indian politicians, India’s Corporate Affairs Minister M Veerappa Moily stated that “certain international lobbies like Vodafone are spreading this kind of story and Obama was not properly informed about the things that are happening, particularly when India’s economic fundamentals are strong”. 

India is currently facing a sharp decline in economic growth, the largest slowdown in nine years, posting just a 5.3 percent growth.  Statistics show that Indian economy is continuing to lose momentum with growth figures falling for the fourth consecutive quarter. It has been suggested that the Indian economy has been worst hit by the global economic crisis due to its existing vulnerability.

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Related Links:
• Press Trust Of India
Official Website

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