Mumbai: Stating that India is poised to become a global leader with its economy projected to quadruple to USD 8 trillion by 2030, US Consul General Peter Haas has said New Delhi should address regulatory restrictions that "constrain imports from the US and elsewhere".
"With its strong democratic institutions, demographic growth, economic promise and rising military capabilities, India is poised to be a regional and global leader, with all the responsibilities that entails," Haas said.
Addressing the 55th Founders Day Celebration of Indo-American Society here yesterday, Haas said, "A Pricewaterhouse Coopers report predicts the Indian economy to more than quadruple to nearly USD 8 trillion by 2030, making it the world's third-largest economy.
"This expanding economic base, which includes everything from high-tech and media to finance and tourism, could be even larger if the Indian government addresses policy and regulatory restrictions that constrain imports from the United States and elsewhere," he said, without elaborating.
He informed that many American governors and city mayors plan to visit India with trade delegations this year.
"These visits give state officials and private sector representatives the opportunity for job creation and investments by American companies in India and by Indian companies in America," he said.
He also said the bilateral trade between US and India has nearly quadrupled over the past decade and the partnership has led to creating jobs and promoting security and prosperity in the region.
"Over the past decade, our bilateral trade has nearly quadrupled. It is set to exceed USD 100 billion this year. As bilateral trade and investment flourish, our software development, manufacturing, aerospace, healthcare, energy, and many more sectors are thriving," Haas said.
First Published: Tuesday, April 30, 2013, 21:31