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. Last Updated: 07/27/2016

Summers Sees India As Future




BANGALORE, India -- U.S. Treasury Secretary Lawrence Summers dropped tie and jacket Wednesday to take a firsthand look at India's most bustling economic sector, the fledgling information technology industry.


Taking time out from a hectic weeklong tour of Asia, Summers paid a brief visit to the headquarters of India's leading software firm, Infosys Technologies Ltd.


Infosys became the first Indian firm to list on a U.S . exchange through its American Depositary Receipts last year. Last week, the firm announced an 84 percent jump in third-quarter profits.


Summers took a tour of the sprawling company campus in the outskirts of this southern Indian city and addressed the firm's 2,000 employees there.


"It's very exciting to be here and see the future," he said. "I assure you that the United States wants very much to be your partner and India's partner."


Summers has held out India's blossoming information technology sector as an example for successful economic development.


But he also noted that much of the rest of India's economy remains shielded by high tariffs and bogged down by steep tax rates. He called for more stringent efforts to reign in the ballooning government deficit, which he said was crowding out much-needed private investment.