 "For America, Modi is epitome of inclusive economic growth")
"It's worth noting that India is emerging as a regional leader in creating policies that encourage inclusive economic growth," US ambassador to India Richard Rahul Verma said on Wednesday.
Verma particularly credited the Modi government for the Jan Dhan Yojana, terming it as a remarkable initiative for financial inclusion.
"While such policies help a farmer mitigate cyclical risks, they also help urban migrants and their small businesses," the ambassador noted.
President Barack Obama during his last month visit to India was in high praise for the scheme.
The ambassador said the US Agency for international Development (USAID) will establish a partnership of public-private model with the Indian govenment to create an inclusive digital economy. Verma also praised the work of Bandhan Microfinance for "promoting financial service to those at the bottom of the pyramid." The Chandra Sekhar Ghose-led microfinance institution has been granted a provisional banking licence by the RBI last year.
He also stressed on the need for inclusion of those who may feel excluded or alienated from the political process and pointed out that good economic governance, simpler and more transparent trade and economic policies were the keys to expanding trade in the region.
"This is one of the reasons, the US was so supportive of the Trade Facilitation Agreement (TFA) at the WTO," he said. The TFA can break down trade barriers to create new opportunities. It is estimated to reduce the cost of trade by 10 percent for developed countries and up to 14 percent for developing countries.
However, the ambassador had nothing substantial to say when asked about the repeated attacks against minorities in India. "I believe economic prosperity will reduce the potential of conflict and internal security," Verma said when asked about the religious fault lines appearing in the country. In his final speech during his visit, Obama had warned against the "country dividing across religious lines."