India one of most closed economies: Mulford

If India increased access to its market for agricultural goods, it would provide consumers with greater choice and lower prices, he said. This would accelerate benefits to consumer class.

Expressing America’s willingness to eliminate export subsidies and reduce domestic support, Mulford said: ‘‘However we cannot do it unilaterally.’’ Other developed countries who have much higher levels of agricultural subsidies must also do their part, he pointed out.

In addition, there must be new market openings from developed and developing countries, especially those like India that

are competitive in agriculture and have strong economies.

He said that India had been projected to become the world’s third largest economy by year 2050, and that it would double from its current size in six years.

‘‘This progress, however, is hampered by India’s ban on FDI in the retail sector. Removal of this restriction would accelerate the transformation of this sector, bringing with it supply chain efficiencies and a stronger domestic food-processing sector,’’ he said.

Mulford pointed out the strengths of the Indian economy too — its market size of over one billion potential consumers, middle-class now estimated to exceed 300 million people, three million new consumers between the ages of 21-24 joining the ranks each year during the next decade.