India blessed with fastest growing major market in Asia: Kerry

Asserting that New Delhi is blessed with the fastest growing major market in Asia, U.S. Secretary of State John Kerry on Wednesday said India will be globes most populous nation with a rising middle class and a huge reservoir of entrepreneurial talent by 2030.

"My friends sky is the limit and it's not just because of our close cooperation in aviation and space, nobody should be satisfied, even as we know the greater connectivity helps build prosperity and strength and regional trust," said Kerry while interacting with the students of IIT Delhi.

"And even though we are witnessing impressive gains in India's economic growth, there is still a real question whether or not we are doing so quickly enough and that comes down to some pretty basic arithmetic in order to just keep pace India has to create 13 million jobs a year. By any standards that's an enormous task and to meet that goals the young entrepreneurs urgently need the freedom to go out and pursue ideas, they need to be allowed to start a new business without a lot of red tape, they need to be able to access infrastructure that makes it easier to translate fresh concepts into successful companies," he added.

The US Secretary of State called for a market, which is fearless and full of transparency.

"You have to have sensible regulations and anybody's bureaucracy has to become more streamlined and effective, it has to become a partner in making decisions. You will have to adopt policies. The government has passed now the GST Bill, bankruptcy laws and made changes in foreign regulations and enacted sound macroeconomic reforms," said Kerry.

"The government has issued key initiatives like Start Up India or Digital India and next year India will co-host the Global Entrepreneur Summit, which will help showcase India's talent in global reform. Ultimately the goal is to ensure that the growth is not only impressive but sustained, leading to healthy competition, more jobs, less poverty and broad based expansion," he added.