India-USA trade is likely to touch US $ 300 billion in 2026-27 from its current trade of US $ 188 billion in 2022-23 said a report “The India-US Bilateral Relations: Steady Strides into the Future'' by PHD Research Bureau, PHD Chamber of Commerce and Industry.
The volume of exports (merchandise + services) from India to the USA has increased from USD 82 Billion in FY 2018-19 to USD 111 Billion in FY 2022-23. The volume of imports (merchandise + services) from India to the USA has increased from USD 58 Billion in FY 2018-19 to USD 76 Billion in FY 2022-23, said the industry body.
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), said Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry.
Mr. Jonathan M. Heimer, Minister Counselor for Commercial Affairs, Embassy of the United States of America, said that PHDCCI establishes an important link in further strengthening India-US relations. He further expressed his optimism towards working in close collaboration with PHDCCI for deepening India-US bilateral trade relations.
Mr. Drew Schufletowski, Minister Counselor for Economics, Environment, Science and Technology, Embassy of the United States of America, applauded the upward trajectory observed by trade and bilateral relations between India and the USA. He added that amidst the turbulent times, India plays a crucial role in strengthening global supply chains.
Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry praised all-time high relations between India and USA in a wide variety of sectors including trade, investment, diplomacy, education etc. He stated that these relations must grow to holistically help the SMEs which will become MNCs in the coming times.
While interacting with the dignitaries from the Embassy of the United States of America, Shri Saurabh Sanyal, Secretary General and CEO, of PHDCCI, informed about the deep associations of PHDCCI with the American Chamber of Commerce. He further expressed his optimism about growing such interactions in the coming times.
Dr. S.P. Sharma, Deputy Secretary General and Chief Economist, PHDCCI, iterated about the growth prospects of India’s exports in coming times owing to significant progression in trade, economy, and infrastructure. He also mentioned the different initiatives of PHDCCI towards enhancing trade and investments with the USA.
Shri Vipin Vohra, Chairman of, the Civil Aviation Committee, PHDCCI, Shri Vishal Dhingra, Co-Chairman, Foreign Trade and Investment Committee, PHDCCI, and Shri Naveen Seth, Deputy Secretary General, PHDCCI, were also present in the interaction with the dignitaries from the Embassy of United States of America and they shared their valuable business practices with them.