Kolkata may not be the place that comes to mind when one thinks of business or economic indices, but it is one that “actually determines” where India is “heading”, said Nancy J. Powell, the US Ambassador to India, here on Tuesday.
Speaking at an interactive session organised by the Bengal Chamber of Commerce and Industry , she pointed out that “deeper economic, political and social movements”, which actually determine the state of affairs in the country take place in Tier II towns such as Raipur or Ranchi or Durgapur or even Kolkata, that are away from the limelight.
“For a while, the policy headlines may come out of New Delhi and the business headlines may come out Mumbai. The deeper economic, political and social movements – the ones that actually determine where this continental nation is heading – take place in Raipur, Ranchi, Patna, Durgapur, Siliguri and Kolkata,” Powell said.
Growth potential
According to her, for India to grow, smaller towns such as Siliguri, Asansol, Malda and Murshidabad – that have a growing voice in setting the nation’s policy agenda – “need to be brought to the conversation.” More people need to understand how India benefited from economic openness.
Openness of the US economy, she claimed, has been a “driving force” behind some of the highest-paid and most sought-after jobs in India.
The US economy has helped create jobs and improve incomes, be it in the foundries of Howrah that depend on the US for cast iron products or for the thousands of potato farmers in West Bengal.
“The growth that has happened in India over the decades was enhanced by foreign investment,” she said, adding: “Specifically, more people need to understand how India has already benefited from economic openness and how economic openness will bring more benefits.”