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Press Trust of India

India's largest news agency, Press Trust of India is a non-profit sharing cooperative owned by the country's newspapers. PTI's subscribers include newspapers, television channels, the state-run All India Radio and Doordarshan, the national broadcaster, government organisations, websites and several media and non-media organisations. With a staff of 1300 including 400 journalists, PTI has over 70 bureaus across the country and corresondents in major cities in the world.

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Latest Press Release
Nagpur: Tabla maestro Ustad Zakir Hussain and Sitar maestro Ustad Shahid Parvej performing classical jugalbandi during the "Swara Zankar" event in Nagpur, Maharashtra. PTI Photo

Nagpur: Tabla maestro Ustad Zakir Hussain and Sitar maestro Ustad Shahid Parvej performing classical jugalbandi during the "Swara Zankar" event in Nagpur, Maharashtra. PTI Photo


India, US will gain from each other's growth: Jacob
Mumbai, Feb 11 (PTI) Stating that India and the US are
two important drivers of global growth, American Treasury
Secretary Jacob J Lew today said that both the countries will
benefit from each other's growth.
"The growth we are experiencing in the US is good for
India, just as growth in India is good for the US. And, India
and the US are two important drivers of global growth," Lew
told the business leaders on his maiden visit. Earlier in the
day he had a closed-door meeting with the Reserve Bank.
He was addressing the heads of corporate India at a
CII organised Indo-US Business Council round-table here, Lew,
who is on way to attend the fifth Indo-US economic and
financial partnership meeting in the national capital
tomorrow.
The comments come two days after the official data
showed that India has become the fastest growing major economy
in the world overtaking China two years ahead of schedule.
The domestic economy clipped at 7.5 per cent in the
December quarter 20 bps above the Chinese growth rate and the
economy is on course to close at 7.4 per cent for the current
fiscal. The faster growth rates have come after the government
adopted a new base year and changed the way data prints are
read.
Those present at today's meeting included Adi Godrej,
Anil Ambani of the Reliance Group, M&M's Anand Mahindra,
Sanjay Nayar of KKR, IDFC's Rajiv Lall and Swati Piramal of
the Pirmal group.
The newly-appointed US envoy to New Delhi Richard
Verma and the US counsel general in Mumbai Thomas Vajda were
also present.
Lew noted that the US economy has created over 11
million jobs over the past five years, and last year alone,
American private sector businesses created nearly 3 million
jobs, pulling down the unemployment rate to 5.7 per cent.
"Our overall growth has been supported by increases in
household wealth, a gradually improving housing market, a
growing manufacturing sector, and a flourishing auto
industry," he said, adding on the back of better-than expected
growth in the second and third quarters last year, and many
forecasters project above-trend growth to continue.
Without referring to the successful visit of the US
president Barack Obama last month, wherein both the countries
resolved the contentious clauses in the nuclear liability laws
and sealed the deal, he said India and the US have an
important partnership and share both strong economic ties and
personal rapport between the peoples of our two nations.
He also noted that bilateral trade is at a record high
at close to USD 100 billion.
Terming the fifth Indo-US economic and financial
partnership meeting tomorrow as "very important", he said this
dialogue is an important vehicle for bilateral engagement with
India on a range of economic policy issues.
He also extended support to the country's growth and
reform efforts and encourage greater opening of the economy to
the US firms.
"I hope we can work together to deepen capital markets
to unlock domestic resources and welcome foreign investment
into India; strengthen financial regulatory reform; improve
our coordination on tax issues; and combat money laundering
and terrorist financing.
"Together we can do more to help ensure shared growth,
promote job creation, and strengthen demand. These all will be
important topics discussed during my visit, and beyond," Lew
said. PTI