India becoming more important on G20 stage: Ben Bernanke

Mumbai: India is becoming a more important player on the G20 stage, US Federal Reserve Chairman Ben Bernanke said on Wednesday after meeting with RBI Governor Duvvuri Subbarao.

The Fed chief, along with US Treasury Secretary Timothy Geithner, is on a two-day visit to India to participate in the third annual US-India Economic and Financial Partnership Meeting. This is the first time a serving US Fed chief is visiting India.

On Tuesday, Geithner welcomed New Delhi’s new-found appetite for economic reform, barely three months after Washington had voiced concern about India’s deteriorating investment climate.

In the morning, US Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke, Indian industry leaders met and discussed various economic issues, including the latest round of reforms by India, with the visiting US officials.

Among those present were Chanda Kochhar, managing director and CEO of ICICI BankBSE -1.10 %, Hari Bhartia, co-chairman and founder of Jubilant Bhartia Group, and Rajiv Lall, vice chairman and managing director of IDFC.

“I think their outlook is very positive. Of course, everybody recognises that much more needs to be done as well but I think their initial reactions (about the recent reforms) are very positive,”" said ICICI’s Kochhar.

Various concerns of Indian companies, including the visa problems faced by the software industry, were raised at the meeting. Secretary Geithner also discussed the important and growing contribution Indian foreign direct investment is making to job creation in the United States.

Reuters