Even as the pandemic has taken its toll on trade, the United States remains India's biggest trading partner and largest export market, she noted in her virtual address at India-U.S. Tech Conclave in Bengaluru Tech Summit 2021, which commenced on Wednesday.
The 2021 data indicates a strong rebound in India-U.S. bilateral trade, according to a US official. US Consul General Judith Ravin said the growth in economic ties between the two countries has been extraordinary, with trade exploding from approximately USD 20 billion in 2001 to just over USD 145 billion in 2019.
Even as the pandemic has taken its toll on trade, the United States remains India’s biggest trading partner and largest export market, she noted in her virtual address at India-U.S. Tech Conclave in Bengaluru Tech Summit 2021, which commenced on Wednesday.
“The 2021 data indicates a strong rebound, and if it continues, we could be on track to exceed our 2019 numbers”, Ravin said. In addition, she said, U.S. companies continue to be the biggest source of foreign direct investment, fuelling continued growth in India.
Regarding bilateral trade, United States Trade Representative Katherine Tai will travel to New Delhi on November 22 to meet with her counterpart, Minister of Commerce and Industry Piyush Goyal, according to Ravin.
“Both agreed to take a comprehensive look at ways to expand the bilateral trade relationship”, the Consul General at the U.S. Consulate General in Chennai, said. Ravin said when it comes to business, there is no stronger partner to India than the United States. “We believe that India’s economic strength is not just in India’s interest, but in the interest of the United States, the region, and the world”. She said the U.S.-India bilateral relationship continues to expand on diverse fronts, from collaboration on mitigating the impacts of COVID-19 and climate change, to space exploration and our joint commitment towards a free and open Indo-Pacific.
Ravin said Indian private sector investments in the United States have also grown significantly in the last decade. Total foreign direct investment from India, as of 2020, was USD 12.7 billion, with ‘Software and IT Services’ being the top recipient by industry sector, she added.