Noting that its relationship with the United States encompasses 'the most wide ranging engagement' it has with any other country, India has said the two sides have invested significant political capital in building a strategic partnership based on shared values and common concerns.

"I am glad to witness the irrevocable transformation of our relations with the United States. In addition to the rapid growth of two-way trade and investment, cooperation in education and science and technology, the governments in both countries have invested significant political capital in building a strategic partnership based on shared values and common concerns," India's envoy to the US Ronen Sen said.

Sen, while assuring that India's growth will not be at the cost of other countries, said," As India grows into one of the three largest economies of the world, the course of its development would be of global significance. In turn, as India becomes increasingly integrated with the global economy, international developments will correspondingly have greater impact on its own future".

"Its growth will be propelled not exclusively, or even primarily, by its exports, but by growing domestic demand. India's growth will not be disruptive. It will, on the contrary, be a locomotive of growth for Asia and beyond," Sen said.