India is a promising emerging market: Obama to lawmakers

Washington, Feb 14: India is one of the most important and promising emerging markets in the world, US President Barack Obama told his lawmakers Monday as he sent his annual budget proposals to the Congress.

"India is one of the most important and promising emerging markets in the world, and represents a tremendous opportunity for US firms to expand their output of goods and services," said the annual budget proposals of the Obama Administration.

"On the margins of the President's trip to India in Nov, trade transactions were announced or showcased exceeding USD 14.9 billion in total value with USD 9.5 billion in US export content and that would support an estimated 53,670 jobs," the White House budget proposals said.

These cross border collaborations, both public and private, underpin the expanding US-India strategic partnership, contributing to economic growth and development in both countries, it said.

Notable examples include: the sale of commercial and military aircraft, gas and steam turbines and precision measurements instrumentation, it added.

The budget proposals said the emergence of a global market place that in includes the growing economies of China, India and other developing counties creates an opportunity for America to export our goods and services to new customers.

"With 95 per cent of the world's customers as well as the globe's fastest growing markets beyond our borders, we must compete aggressively to spur economic growth and job creation," the budget said.

PTI