WASHINGTON, July 15 – Noting that India prohibited foreign investment in too many sectors such as retail, US President Barack Obama today cited concerns over deteriorating investment climate there to endorse another “wave” of economic reforms.Still sounding positive about Indian economy, “which continues to grow at an impressive rate,” he said that to some extent, India’s slower growth is a reflection of the larger slow down in the global economy.
The US President answered a wide range of questions on the state of the Indian as well as global economy, Indo-Pak ties and American strategy in the Asia-Pacific region during an interview to PTI here.
Obama was careful not to be directly critical of the negative investment climate in India but cited the concerns of the American business community to make his points.
Many in the American business community, “one of the great champions of the US-India partnership”, have expressed concerns that the investment climate in India is deteriorating, he said.
“They tell us it is still too hard to invest in India. In too many sectors, such as retail, India limits or prohibits the foreign investment that is necessary to create jobs in both our countries, and which is necessary for India to continue to grow,” Obama said. – PTI
