The US today sought greater engagement with India on the economic front, saying their ability to cooperate was critical to creating a more stable global financial system, balanced economic growth and an open trading system.
"We face many challenges in common, such as how... To extend financial services more broadly to people outside the traditional banking system, how to finance our very substantial public infrastructure needs... And effectively leverage private money," visiting US Treasury Secretary Timothy Geithner said here at a joint press conference with Finance Minister Pranab Mukherjee.
Prime Minister Manmohan Singh recently pegged India's infrastructure funding needs at one trillion dollars between 2012-17.
The US has separately been demanding greater access to the Indian financial services market, including insurance -- which could be used to fund infrastructure. At present, foreign direct investment in the insurance sector is capped at 26 per cent.
Geithner said, "Our ability to cooperate on economic financial issues will be critically important to the success of global efforts to create conditions for a more stable global financial system... A more open global trading system."
He also said that President Barack Obama remains committed to strengthening the relationship with India, which according to him was "an indispensable partner in securing the future prosperity and security of the world."
