Growing Indian economy vital for US biz: USIBC
B2B volumes directly generating jobs for American middle class
image for illustrative purpose
Win-Win Situation
- India is source of $14.5-bn FDI into US in 2021
- It created over 70,000 jobs in US
- Largest-ever Indian delegation expected at investment summit in US
- The US investment in India was $45.5 bn in 2020
- US companies in India employed over 3 mn people
- India is America’s 10th largest trading partner
- US-India bilateral trade was $192 bn in 2022
Washington: The economic growth of India offers an opportunity for US businesses and advancing the bilateral trade ties might be one of the most important projects of the time, the president of a top American trade body said. Atul Keshap, president of the US India Business Council (USIBC), said on Wednesday that US’ business-to-business ties with India are directly creating good jobs for the American middle class. He said this year saw US-India bilateral trade cross $190 billion, and with that American exports of industrial machinery, pharmaceuticals, and electronics equipment, all increased.
As India continues to grow, its economy will become more essential for American businesses. As its population urbanises and enters the global middle class, its appetite for American goods, innovation, and culture will only expand, he said at an event here on Wednesday. Keshap said as India pursues its ambitions of becoming a global manufacturing hub, its demand for the best American industrial equipment and IP will rapidly increase.
In short, India’s economic rise is here, and it is making it among the most important export markets for industries that support American jobs, he said.
Indian citizens and companies will be buying the goods that citizens in your districts make: Automobile components, transition fuels, microchips, agricultural goods, and so much more, he said. “The changes I've seen in India in my life are just unbelievable and impressive. So what we need to do now is push the accelerator pedal. US and India have to achieve escape velocity. That was a slogan given to me by a friend who's an official in the White House. He said it's time to talk about escape velocity,” he said. He said there is nothing more important for Washington than to work on the relationship with India.
