The report “India-USA Bilateral Relations: Steady Strides into the Future” speaks about how India-USA bilateral relations have intensified beyond the domain of trade and investments over the years.
The volume of exports (merchandise + services) from India to the USA has increased from $82 billion in FY 2018-19 to $111 billion in FY 2022-23. The volume of imports (merchandise + services) from India to the USA has increased from $58 billion in FY 2018-19 to $76 billion in FY 2022-23, the industry body stated. “Both the economies occupy a significant position in the world economy with a combined contribution of around 29% in the world GDP,” the report said.
Saket Dalmia, President, PHD Chamber of Commerce and Industry said in a statement, “India and USA, the two largest democracies, are not only collaborating closely in trade but also possess common interests in promoting global economic prosperity which is evident from the strong bilateral cooperation between them in forums like G20, Quad, and IPEF (Indo-Pacific Economic Framework for Prosperity).
Drew Schufletowski, Minister Counselor for Economics, Environment, Science and Technology, Embassy of the United States of America observed that amidst tough times, India plays a crucial role in strengthening global supply chains.
Highlighting how such a strong trade relation impacts SMEs positively, Dalmia added that a wide variety of sectors including trade, investment and education would help in taking the journey of such enterprises forward.S.P. Sharma, Deputy Secretary General and Chief Economist, PHDCCI, mentioned the growth prospects of India’s exports in the coming time owing to significant progression in trade, economy and infrastructure. A host of trade professionals, digitaries from the Embasy of the United States of America and industry representatives attended the event in the capital.
