'India needs new policies, economic reforms to revive growth story'

VARANASI: India should opt for new policies and economic reforms consisting opening of foreign direct investment (FDI) in multi-brand retail to revive growth story, said US Ambassador to India Nancy J Powell.

Powell said, “For India to return to faster growth, new policies and economic reforms need to be put in place by the government in areas such as opening multi-brand retail up to foreign direct investment.” This statement came at the Indo American Chamber of Commerce (IACC) programme.

IACC should explain about the benefits of the economic reforms for widening employment and also bringing changes in the food chain infrastructure.

She said that the Indo-US bilateral trade in goods and services is likely to touch $100 billion this year. Moreover, India has emerged from being the 25th largest trading partner to 13th largest trading partner within a decade".