At a time when unemployment is a major issue in the US due to its poor economic status, Indian companies through its massive investments in America have created 50,000 jobs in the country, a top US diplomat has said.

“Our economic relationship is very much a two-way street.

Both of us are focused on attracting growth and investment to our shores. Indian owned Tata factory in Ohio puts thousands of Americans to work, part of the over 50,000 jobs Indian firms have created in the US. Opportunities for small, medium and large American businesses in India are staggering,” US Deputy Secretary of State William Burns had said yesterday.

Burns added that India is being projected as the world’s third largest economy by 2025. But 90 per cent of India is still without broadband, and 80 per cent of India’s infrastructure for 2030 hasn’t yet been built.

According to McKinsey, India plans to invest one trillion dollars on infrastructure in the next five years alone.

Burns praised the recent Indian decisions with regard to next phase of economic reforms.

“Of course, for our companies to provide the technology and expertise to help India prosper, India’s government must create an environment that encourages growth,” he said.

He added that India’s recent easing of some restrictions on Foreign Direct Investment is promising.

Indian multi-brand retail, aviation, power grid and broadcasting companies and markets will be more open to investment, technologies and best practices from all around the world. It will be easier to bring food to market.

He emphasised that greater economic openness is not a concession to the US. It is one of the most powerful tools India has to maintain and expand its growth.

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