OBAMA PRAISES MODI FOR SHAKING INDIAS BUREAUCRATIC INERTIA: After describing Prime Minister Narendra Modi as a man of action, US President Barack Obama on Thursday praised Modis efforts to shake up the bureaucratic inertia in India. However, Obama said that this was a long-term project and one would have to see how successful Prime Minister Modi was in his efforts. Modi has impressed me so far with his willingness to shake up the bureaucratic inertia inside of India. But that is a long-term project and well have to see how successful he is, Obama told a business roundtable, which was attended by top corporate leaders of the country. The roundtable was organised to discuss the current economic condition of the US and across the globe. Last month in Myanmar on the sidelines of the East Asia Summit, Obama in his brief interaction with Modi had told him that he is a man of action. On his return from the 10-day trip to the Asia Pacific region that took him to Beijing, Myanmar and Australia, Obama announced that he has accepted an invitation to be the chief guest at the annual Republic Day Parade in New Delhi on January 26 next year. In his interaction at the business round table, Obama said the US, over the last six years, has put more people back to work than Europe, Japan, and the rest of the advanced world combined. The growth of emerging markets have been slower than anticipated, he noted. The overall global picture is people continue to look to America for economic leadership. We need some other engines to be pulling the global economy along and were pursuing diplomatic policies and consultations to try to encourage that, Obama said. The United States stands out as an economy that is going strong at the moment, he said, adding that is not the case with other countries of the world. Japan is contracting in a way that has surprised many analysts and I know surprised Prime Minister Abe. Hes got new elections. Theres a delay in the consumption tax, the second phase of it, that was slated to go into effect. Theyre pursuing fairly aggressive monetary policy, Obama said. But I dont know whether theyre going to be able to pull out of the current variation on whats been a pretty long-term slump any time soon, and theyve still got some debt overhang that theyve got to address, he said. Obama pointed out that in Europe, the debate has generally been framed as austerity and prudence promoted by the Germans versus a desire for a looser set of fiscal policies among the southern countries. If you look, the truth is, is that Spain, France, to a lesser extent Italy -- most of the big countries in the south have been engaging in some pretty serious structural reforms. They havent done everything that they need to do in terms of providing labour flexibility, for example, but they are making strides in addressing many of those issues, Obama said. But right now, what youve got is an environment in which the dangers of deflation and really weak demand in Europe chronically, over a long period of time, I think are more significant than dangers of overheating economies and inflation in the European Union, he said. China, he noted, is trying to shift away from a model that was entirely export driven to a model that recognises they need stronger demand inside the country. And theyve got a nascent, but growing middle class starting to have enough confidence to spend some money, he added. # Ad your frenz in our group and make the popular and update news
Posted on: Thu, 04 Dec 2014 05:45:09 +0000
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