Indo-US economic ties are robust and trade volume between the two countries expected to rise five fold in the near future, said George Sibley, Minister Counsellor (Economic, Environment, Science & Technology), US Embassy.
Delivering a talk on India-US Economic Ties at the Institute of Management Technology here, he referred to “rumours” that bilateral economic ties were in doldrums, pointing to the current trade volume ($100 billion), which was five times of what it was in the year 2000. On regulations relating to FDI in multi-brand retail, he suggested that public hearings be done with respect to them to account for transparency, according to a press release here on Wednesday.
He said that although certain sections of Indian politicians were against MNCs, by investing in India the MNCs would basically hire local staff, usher in new benchmarks in technological practices, build infrastructure and increase market for new products, among others. It would be a win-win situation for both the countries, he added.
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Hoping to see more American students participating in higher education courses in India ( currently around 4,000 compared to about 96,000 Indian students in US), he said that any ties between the two countries were best meant to be like a two-way street.