Giving an overview of the U.S. economy, he said that in the past five years, its private sector has created more than 11 million jobs and last year, American businesses created three million with the unemployment rate now at 5.7 percent.
Simultaneously, the GDP posted strong gains in the second and third quarters last year with private forecasters projections of above-trend economic growth to continue, Lew said. "Our overall growth has been supported by increases in household wealth, a gradually improving housing market, a growing manufacturing sector, and a flourishing auto industry.
"The growth we are experiencing in the United States is good for India, just as growth in India is good for the United States. And, India and the United States are two important drivers of global growth," Lew said.