"India is emerging as a regional leader in creating policies that encourage inclusive economic growth, " said Richard Rahul Verma, the US ambassador (he's the child of emigrants from this country to that one). Verma particularly credited the Modi government for the Jan Dhan Yojana, terming it a remarkable initiative for financial inclusion. "While such policies help a farmer mitigate cyclical risks, it helps urban migrants and their small businesses," he said.
US President Barack Obama had praised the scheme during his recent visit. The ambassador said the US Agency for International Development would establish a partnership with the Indian govenment to help create an inclusive digital economy. Verma also praised the work of Bandhan, the noted micro finance institution, for "promoting financial service to those at the bottom of the pyramid". Bandhan was granted a provisional banking licence by the Reserve Bank last year.
More From This Section
Verma stressed the need for inclusion of those who might feel excluded or alienated from the political process. And, said 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 at the World Trade Organization," he said.
The ambassador said nothing much when asked about attacks on minorities in India. "I believe economic prosperity will reduce the potential of conflict and internal security,\" was his reply. In his final speech during his visit, President Obama had warned against the country dividing across religious lines.