India must continue with its economic reform agenda or risk lose the credibility it has acquired in the world over the years, a top US administration official has said.
Paulson has also taken a dig at China "for not being bold" despite the fact that Beijing is integrated into the global economy.
Enumerating a few steps that India could take to become even more competitive, US Treasury Secretary Henry M Paulson Jr said it could reduce needs for financial institutions to hold substantial amount of deposits in government debts which limits the scope of banks for taking greater exposure to certain priority sector.
The short-term recommendations include improvements to regulatory coordination and oversight that regulators can make quickly. The blueprint recommends creating a new federal commission for mortgage origination to protect consumers better. The report also recommends modernizing the President's Working Group on Financial Markets and clarifying the Federal Reserve's liquidity provisioning.
"If the Doha Round does not materialise that would not be on account of the US agricultural subsidies ... major emerging economies (India and Brazil) are not coming up with enough market access, especially in non-agricultural areas such as services including financial services," US Treasury Secretary Henry Paulson, who will be visiting India shortly said.
The bankruptcy filing of Lehman Brothers on September 15, 2008 brings back the most vivid memories of the crisis.
Making a case for a robust rupee, the US on Tuesday said currency value should reflect the economic fundamentals - which has been good in the case of India - although a stronger dollar was in Washington's interest.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
Xi will later head for New York to attend the UN General Assembly session.
The 15-member Board of BFA included former Japanese prime minister Yasuo Fukuda, former Malaysian prime minister Abdullah Ahmad Badwai, former Singapore prime minister Goh Chok Tong and former prime minister of France Jean-Pierre Raffarin besides former US Treasury Secretary Henry Paulson.
Neel Kashkari, who was the Senior Advisor to US Treasury Secretary Henry M Paulson, was nominated by President Bush to the post of Assistant Secretary of Treasury for International Affairs and has been confirmed by the US Senate.
Many factors leading to the 2008 financial crisis still exist.
Minister for Commerce and Industry Kamal Nath, who arrived in Washington had critical bilateral discussions with senior administration and Congressional leaders on issues related to WTO and bilateral issues.
US President Barack Obama's administration has faced extensive criticism for its failure to prosecute bankers criminally for behavior that led to the financial crisis.
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