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In the backdrop of President George Bush's forthcoming visit next month and India's closer integration with the global economy, we need to start paying greater attention to the US economy, which has effectively functioned as the sole engine powering the global economy for the past decade and a half.
Even as states on the US East Coast and West Coast are banding together to figure out a reopening plan, new cases continue to overwhelm the US hospita
India, in all likelihood, will downplay this move, especially as it comes at a critical moment of its ongoing tensions with China.
US consumer spending and consumer confidence have to pick up, but this can happen only if people have jobs and regular incomes, and the private sector which runs 80 per cent of the US economy starts hiring more people. Also the manufacturing growth will have to pick up and the dependence on Chinese goods needs to be reduced.
