India-US economic relation has tremendous untapped potential, says President Obama

Asserting that the fortunes of India and the United States are inextricably linked, U.S. President Barack Obama on Monday said the economic relation between the two countries has tremendous untapped potential.

"The fortunes of India and fortunes of USA are inextricably linked. India-US economic relation has tremendous untapped potential. We can grow and prosper together, and can establish global norms on how business can be done," President Obama said at the India-U.S. Business Summit here

"Our (US) growing trade is a win for India as more American made machinery can upgrade India's infrastructure. We have taken another big step forward in Defence cooperation. We have agreed to resume the dialogue on bilateral investment treaty. We are moving forward, there is a new momentum, energy and hope," he added.

President Obama pointed out that the two countries need to keep working together so as to make doing business together easier.

"We have to keep working to make it easier to do business together. We can work together to develop new technologies that will help India move forward," he added.

"We need to make sure the economic growth of both the countries is inclusive and sustained. Growth cannot just be measured by GDP, it has to make people's life better in more tangible and lasting ways," said the U.S President, who was the chief guest at the 66th Republic day parade today.