iNDICA NEWS BUREAU–
Trade between India and the United States is likely to touch $300 billion in 2026-27 from $188 billion in 2022-23, with an approximate 60% rise in value, according to a report by industry body PHDCCI.
The report titled “India-US Bilateral Relations: Steady Strides into the Future” was produced by the Research Bureau of PHDCCI. The volume of exports (merchandise and services combined) from India to the US has increased from $82 billion in 2018-19 to $111 Billion in 2022-23.
The volume of imports (merchandise and services) from India to the US has increased from $58 Billion in 2018-19 to $76 Billion in 2022-23, stated the industry body in the report.
“India and the US, 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 Saket Dalmia, President, PHD Chamber of Commerce and Industry.
Co-production of jet engines for the Indian Air Force, defence industrial collaboration, space sector cooperation, semiconductor supply chain and innovation partnership and collaboration in emerging Artificial Intelligence technology are among key takeaways from PM Narendra Modi’s June 2023 visit to the US and his bilateral meeting with President Joe Biden.
India-US trade likely to rise 60% to $300 bn by 2026-27: Report
