Bengaluru: Data 2021 shows a strong rebound in Indian-US bilateral trade, according to a US official.
US Consul General Judith Ravin said the growth of economic bonds between the two countries had been extraordinary, with trade exploded from around $ 20 billion in 2001 to more than $ 145 billion in 2019.
Even when a pandemic has taken the victim, the United States is still the biggest trading partner of India And the biggest export market, he noted in his virtual address in the air-US technology kampens at the Bengaluru Tech Summit 2021, which began on Wednesday.
“Data 2021 shows a strong rebound, and if it continues, we can be on track to exceed 2019”, Ravin said.
In addition, he said, US companies continue to be the biggest source of direct foreign investment, triggering sustainable growth in India.
Regarding bilateral trade, US trade representatives Katherine Tai will travel to New Delhi on November 22 to meet with their colleagues, the Minister of Trade and Piyush Industry Goyal, according to Ravin.
“Both agreed to take a comprehensive way to expand bilateral trade relations”, the Consul General at the US Consulate General in Chennai, said.
Ravin said when it came to business, no partners were stronger to India than the United States.
“We believe that the economic power of India is not only in Indian interests, but for the benefit of the United States, regions, and the world”.
He said US-Indian bilateral relations continue to grow in diverse fronts, ranging from collaboration to reduce the impact of Covid-19 and climate change, to our spacecraft exploration and commitment with our free and open indo-Pacific.
Ravin said that Indian private sector investment in the United States also grew significantly in the past decade.
The total direct foreign investment from India, by 2020, is $ 12.7 billion, with “software services and IT” as the top recipient by the industrial sector, he added.