Time is right for India-US trade to grow exponentially

Washington The time is right for the US-India trade to grow exponentially as the business environment between the countries is improving and India's growth story is attracting a large number of American companies, according to the North America head of Tata Consultancy Services.

“I have not seen a better business-friendly climate from both governments and there is an increasing interest from US companies to deal with India, especially in areas of technology,” Suresh Muthuswami, chairman of North America TCS said in an interview. India-US bilateral trade has been on the rise since 2000, but from 2020 to 2022, it has grown from $120 billion to $191 billion.

“I think we're just scratching the surface. (There is) enormous interest from the US government. India is a growing economy and (there is) a lot of interest to do business with India. So, the time is right for trade between the two countries to grow exponentially. When it comes to the United States technology has always led the way and it will, it will continue,” Muthuswami said.

TCS which has been in the US for more than 50 years has been the growth and transformation partner for America's most valuable companies. TCS has more than 1,000 clients in the US. "We have a lot of room to grow," he said, noting that every company increases their spending on technology, they all want to be technology companies, irrespective of the industries they are in. Responding to a question, Muthuswami said there is a need for sharing technology, advanced technology skills and sharing best practices for upskilling.

His comments have come ahead of Prime Minister Narendra Modi's state visit to the United States from June 20 to 23. The prime minister will meet US President Joe Biden and address a joint sitting of the US Congress during his US visit.

“We hope that Prime Minister Modi and President Biden discuss the importance of elevating technology partnership, strengthening our innovation ecosystems, that includes not only businesses but also governments and economic institutions,” he said. The TCS North America head said the collaboration between the US and India, on game-changing technologies such as quantum computing, artificial intelligence, 5G, Internet of Things is very critical for both countries. "In my discussions with various government officials, it is abundantly clear that that's an area where both countries want to partner," he said.

"Another area is cybersecurity. TCS also has been working with White House initiatives on this. Cybersecurity is an area where there is a lot of focus for collaboration,” he said. The recently launched ICET Dialogue, he said, is a step in the right direction. “We are very excited about its potential to deepen the ties between the US and India,” he said adding that both governments can facilitate collaboration. Noting that the pace of technological advancements is changing rapidly, he said the public-private sector, in both countries, must be positioned to respond with unity.