The expansion of bilateral commercial relations may be one of the most crucial initiatives of the moment, according to the president of a leading American trade organisation, as a result of India’s economic growth, which presents a chance for US companies.
According to Atul Keshap, president of the US-India Business Council (USIBC), business relationships between the US and India immediately result in the middle class in the US finding quality jobs. He said that US-India bilateral commerce reached USD 190 billion this year and that, as a result, American exports of pharmaceuticals, electrical equipment, and industrial machinery all grew.
India’s economy will become more crucial for American companies as it expands. Its desire for American products, innovation, and culture will only grow as its population urbanizes and joins the global middle class, he predicted at a gathering here on Wednesday.
According to Keshap, as India pursues its goal of becoming a major global manufacturing hub, its desire for the greatest American industrial machinery and intellectual property (IP) will rise quickly.
In essence, he continued, India’s economic growth has already begun and is elevating the country to the top export destinations for sectors that sustain American jobs.
“Agricultural products, microchips, automotive components, transitional fuels, and a wide range of other products that your district’s residents produce will be purchased by Indian citizens and businesses,” he claimed.
At the end of the day, democracies care about their citizens and have mutual trust. The pandemic strengthened the bonds of friendship and love between Americans and Indians.
According to Keshap, it is obvious that as India expands—indeed, booms—it will contribute to the prosperity of both America and India in the twenty-first century.
“Because of our demographic advantage, the United States will complement that rise.” “We have an immigration and entrepreneurial engine in our nation, and we have a vision, hope, and enormous dedication to the future happiness of the US,” he stated.
US Deputy Secretary of Commerce Don Graves stated that India was the source of USD 14.5 billion in foreign direct investment into the US, which generated more than 70,000 jobs in the nation, at the same event that Congressman Ro Khanna organized in his capacity as Co-Chair of the Congressional India Caucus.
“India is the source of roughly USD 14.5 billion in FDI into the US in 2021, producing more than 70,000 jobs here in the nation.” The largest delegation of Indian investors in history is expected to attend the Select USA Investment Summit in Washington, DC, next week, he said.
The summit is a yearly gathering held to promote economic investment in the US. According to Graves, US investment in India in 2020 was valued at USD 45.5 billion, demonstrating the real significance of the Indian market for US businesses.
More opportunities will arise as the government, led by Prime Minister Narendra Modi and Commerce Minister Piyush Goyal, builds on the notable strides made in recent years in emphasizing trade standards and regulations that are more appealing to foreign investors, particularly from the US into India, he predicted.
India is the tenth-largest trading partner of the United States, and commerce in products and services between the two countries nearly tripled in 2022 compared to that of 15 years earlier. According to Graves, the US surpassed other countries as India’s top trading partner this year. According to Graves, Indian Americans are among the largest immigrant groups in the US and continue to significantly improve all facets of life in the US.
