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'US can learn from India how to revive the economy'

By Yoshita Singh in Chicago
Last updated on: June 26, 2009 14:54 IST
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Illinois governor Pat Quinn said on Friday the US, where the financial system has let people down, can 'learn a few things from India' on how to get its economy back on track, given the inspiring dynamism of the Indian economy.

"It is inspiring to see the dynamism of the Indian economy. We need to learn a few things from India about getting everything back on track," Quinn said in his address at the US-India Business Forum here organised by the US-India chamber of commerce-Midwest.

Quinn, who succeedded impeached governor Rod Blaggjevich earlier this year, said at a time when the American financial system let the US citizens down in many ways, the Indian economy, particularly the banking system, is in good health.

"The banking system in India is in good health. We certainly know something about that in America over the last year when our financial system in many ways let us down. We have to correct all the things that we have seen go wrong and get our economy back on track in America and certainly here in Illinois," he said.

Quinn said he is keen on increasing business ties between entrepreneurs from Illinois and India, particularly in areas of telecom, agriculture, biotechnology, aviation, retail, medicine, infrastructure and water resources. . .given the entrepreneurial energy in India and the US.

"There are a lot of things we can do together". Quinn said he also wants to lead a business delegation to India, a first from Illinois, to boost trade ties and exchange expertise in areas like water conservation and energy.

"I would hope to lead a delegation from Illinois to India sooner rather than later. There is so much entrepreneurial energy in India that we need to make the connection through official visits," he said.

"I would like to see an opportunity every year for Indian businesses interested in investing in our state to come here and American businesses in Illinois to visit India" just as his state has been doing with Japan for the last 40 years, he added.

Terming India and the US as 'friends today and friends forever', Quinn said one way to grow out of the recession is to embrace the world economy and the two countries need to work to increase bilateral trade.

Earlier speaking at the occasion, India's Consul General in Chicago Ashok Kumar Attri said the Indian consulate would work with the government and private sector of Illinois to facilitate increased bilateral cooperation between businesses from the two regions.

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Yoshita Singh in Chicago
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