Modi's Sweeping Poll Win Has Potential To Transform India: U.S. Treasury Official

WASHINGTON: There is an "important window of opportunity" for boosting economic ties with India and Prime Minister Narendra Modi's sweeping election victory as well as economic reform platform has the potential to transform the country, a U.S. Treasury official has said.

Nathan Sheets, who is Under Secretary for International Affairs at the Treasury Department, also said that India and its people share with the U.S. an entrepreneurial spirit, a commitment to a vibrant private sector, and a record of economic growth built largely on domestic demand.

"Prime Minister (Narendra) Modi's sweeping election victory and economic reform platform have the potential to transform India -- by restoring higher growth and expanding economic opportunities in what would soon become the world's most populous country," he noted.

In recent months, there has been renewed vigour in the Indo-US bilateral ties.

Over the next two years, Sheets said more attention would be given to strengthen the US-India Economic and Financial Partnership.

Through the partnership, the U.S. would support India in its growth and reform efforts and encourage the greater opening of India's economy to U.S. firms, he said and added that such a scenario would be a "win-win proposition".

"We can create new growth and employment opportunities in the U.S. by further opening this growing market for U.S. exports, improving the climate for US investment in India, and levelling the playing field for U.S. companies," as per remarks of Sheets released today by the Treasury Department.

Sheets made the remarks at an event organized by Brookings Institution.

According to him, faster growth, deeper financial markets, and greater openness to trade and foreign investment promise to raise incomes, reduce poverty, and bring many more Indians into the global middle class.

"Our commitment to the WTO was demonstrated in the recent breakthroughs with China regarding the Information Technology Agreement (ITA) and with India on implementing the Trade Facilitation Agreement (TFA).

"We are hopeful that these developments will give momentum to multilateral efforts," he said.

Read More: Sebi Slaps Rs 8 Lakh Fine On Six Companies and India Improves Rating On Global Corruption Index, Ranks 85th