Indian Foreign Minister Subrahmanyam Jaishankar disapproved of US President Joe Biden's assertion that "xenophobia" was impeding the South Asian country's economic development, the Economic Times said on Saturday.

At a roundtable organized by the newspaper on Friday, Jaishankar stated that India's economy "is not faltering" and that its society has always been very open.

"That's why we have the CAA (Citizenship Amendment Act), which is to open up doors for people who are in trouble ... I think we should be open to people who have the need to come to India, who have a claim to come to India," Jaishankar stated.

Earlier in the week, Biden asserted that migration has benefited the American economy and that "xenophobia" in China, Japan, and India was impeding economic growth in those countries.

"One of the reasons why our economy's growing is because of you and many others. Why? Because we welcome immigrants," Biden said at a fundraising event for his 2024 re-election campaign and marking the start of Asian American, Native Hawaiian and Pacific Islander Heritage Month.

Last month, the International Monetary Fund (IMF) predicted that the three largest economies in Asia would see slower growth in 2024 compared to the year before.

A little stronger than its 2.5% growth rate from the previous year, the IMF predicted that the U.S. economy would expand by 2.7%. Numerous analysts credit the optimistic projections in part to the increase in the number of migrants entering the nation.