Trade transactions between the two countries are worth more than $110 billion at present with the value of merchadise trade being over $63 billion. Of this, India's exports to US, accounting for over $40 billion, constitutes the largest offshore market for Indian goods.

India also conducts $15 billion worth trade transactions in the defence sector with the US, Verma said. He added that the current level has been reached in a period of 10 years when significant deals have been inked in the defence sector.

Although the push by the US to cap the release of H1B and L1 visas continues to face opposition from India, Verma said Indians could continue to figure prominently in the list of recipient nations.