India-US cooperation key to global economic stability: US

New Delhi, Apr 6 (PTI) The US on Tuesday 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 of India Pranab Mukherjee.
Prime Minister of India Manmohan Singh recently pegged
India's infrastructure funding needs at USD one trillion
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." PTI BSP
AHM