Tags: Bernanke | India | G20 | fed

Bernanke: India Becoming More Important Player in G-20

Wednesday, 10 Oct 2012 12:12 PM

India is becoming a more significant part of the world economy, Federal Reserve Chairman Ben Bernanke said after talks with Prime Minister Manmohan Singh and central bank Governor Duvvuri Subbarao in the South Asian nation.

“India is becoming a more and more important player on the global stage, in the G-20 context, in terms of its role in the global economy,” Bernanke said at a briefing in Mumbai on Wednesday, referring to the Group of 20 major nations. “It is very useful for us to continue to exchange ideas and build the basis for future collaboration and coordination.”

Bernanke and U.S. Treasury Secretary Timothy Geithner are concluding two days of meetings in India that began Oct. 9. Their visit follows those by Secretary of State Hillary Clinton in May and Defense Secretary Leon Panetta in June, as the U.S. puts a higher priority on ties with Asia, where India offers a democratic counterbalance to China.

“We met the prime minister yesterday and learned a great deal about what is going on in India, and we discussed what is going on in the United States as well,” Bernanke said. “We talked about the global economy, we talked about monetary policy, regulatory policy. We discussed the banking issues that we have mutual interest in.”

Geithner said Tuesday after discussions with Finance Minister Palaniappan Chidambaram that a recent overhaul of economic policy in India offers great potential, and added that “very important reforms” are under way in Europe to fight that region’s debt crisis.

Geithner and Bernanke were in the country for the third annual meeting of the U.S.-India Economic and Financial Partnership.

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India is becoming a more significant part of the world economy, Federal Reserve Chairman Ben Bernanke said after talks with Prime Minister Manmohan Singh and central bank Governor Duvvuri Subbarao in the South Asian nation.
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2012-12-10
Wednesday, 10 Oct 2012 12:12 PM
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