Trade between India and US to touch US$ 500 billion, says USIBC
Strong foundational relationship between governments and business communities can turn India and the United States attractive investment destinations, a business advocacy group has said. According to the US India Business Council (USIBC), the bilateral trade between the two counties is expected to increase five times and touch US$ 500-billion mark in the next few years. “Trade between the United States and India is poised to grow from US$ 100 billion to US$ 500 billion in the next few years. USIBC member companies are united in their efforts and actions to build both the Indian and US economies as attractive destinations for investment and to create jobs and opportunities for citizens to grow and prosper. To turn this vision into reality, we need a strong foundational relationship between governments and businesses,” Mukesh Aghi, President of USIBC, was quoted as having said in a press statement issued by the USIBC. The USIBC has eleven executive committees, covering all major sectors including defence, information technology, services, real estate and retail. On Wednesday, the council hosted an executive committee briefing with Richard Verma, US Ambassador to India. During the meeting, chairs of these committees shared ideas that have the potential to fast track India’s economic progress in areas such as ease of doing business, proactive taxation and policy consistency, the USIBC statement said. The timing of the meeting coincides with US Defence Secretary Ashton Carter’s visit to India. Analysts believe that the two countries can explore many avenues for business collaborations, especially in the field of defence, IT, nuclear and renewable energy and clean technology. “Both India and the United States have finalised two project agreements for joint development of mobile electric hybrid power sources and the next generation protective ensembles,” said a joint statement issued after Carter’s meeting with Indian Defence Minister Manohar Parrikar. The two countries also agreed to “expedite discussions to take forward cooperation on jet engines, aircraft carrier design and construction” and other areas. “The two also agreed to pursue co-development and co-production projects that will offer tangible opportunities for American defence industries to build defence partnership with the Indian industries including in manufacturing under ‘Make in India’,” the joint statement said.
June 04, 2015 | 7:46 pm IST.