India, China growing much rapidly, says Obama

US President Barack Obama has said that countries like India and China are on the move and growing much rapidly, warning that America is facing stiff competition from these nations.

"There are rapidly growing nations like China and India - they're hungry; they're on the move," Obama said at a fund raiser event in New York wherein he disclosed that one of the reasons why he ran for presidency in 2008 was because it is now a world where America is facing stiff competition for good jobs.

"For a long time we were told that the best way to win this competition was to undermine consumer protections, undermine clean air and clean water laws, hand out tax breaks to millionaires and billionaires, and everything would work out just fine. It did not work out well. In fact, if you look at our history, you'll see that philosophy has never worked our very well," Obama said.

At another speech in New York, Obama said a lot has changed since then.

"We had gone through a decade that had seen a hemorrhaging of manufacturing in this country. We had gone through a decade in which the costs of everything from health care to college tuition to gas were going up and too many families were just treading water. We'd gone through a decade of two wars, a diminished respect for America around the world," he said.

Obama said his track record of the last two and a half years is one that he could not be prouder of.

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