Indian Economy News

India's growing economy will become more essential for US businesses: USIBC

  • IBEF
  • April 28, 2023

According to the head of a leading American trade organisation, the economic expansion of India presents an opportunity for US companies, and strengthening the two countries' bilateral ties may be one of the most crucial initiatives right now.

Mr. Atul Keshap, President of the US India Business Council (USIBC), asserted that the middle class in the US is directly benefiting from the US' business relationships with India. He added that the bilateral trade between India and the US crossed US$ 190 billion this year.

India's economy will become more crucial for American companies as it is continuing to expand. “As India grows, in fact, booms, it will help fuel not only India's prosperity, but it is also going to fuel America's prosperity in the 21st century, he added.

US Deputy Secretary of Commerce, Mr. Don Graves said, “India was the source of US$ 14.5 billion in foreign direct investment into the US that created more than 70,000 jobs in the country.” He further added that the US investment into India was valued at US$ 45.5 billion in 2020, reflecting the true importance of the Indian market for US companies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.