Noting that the more India grows, the better it is for India, for the United States and for the world, the Biden administration’s point person for South Asia on Thursday said the US needs to be part of New Delhi’s economic miracle. wants to
One of the fastest growing major world economies for the past several years despite the global economic slowdown, India, now a USD 3 trillion economy, has now set an ambitious target of becoming a USD 10 trillion economy in a decade And it is a developed country. country by 2047
“We want to be part of your economic miracle,” Donald Lu, assistant secretary of state for South and Central Asian affairs, said in an interview on Thursday.
“We strongly support India’s goal of developing its economy in an inclusive manner. The more India develops, the better it is for India, for the United States, and for the world. A prosperous India will have more resources to help deal with global problems such as climate change and future pandemics.
He said that the United States is proud to host more than 200,000 Indian students who are studying in American universities.
“In fact, a few days back we have preliminary data from India’s Ministry of Commerce, which shows an additional seven per cent increase in our bilateral trade and goods,” he said.
He said that this helps both the economies to expand and shows that there is scope for further progress.
“Our discussions in the CEO Forum, in the Commercial Dialogue, in the Trade Policy Forum helped bring our economies closer together,” he said.
“At the same time, we want to deepen our cooperation on future technologies, from space to artificial intelligence to quantum computing, through the Initiative for Critical Emerging Technologies launched in January this year. A strong and prosperous India is good for the United States of America. We want to be a part of your economic miracle.
US goods and services trade with India is estimated to exceed US$146.1 billion in 2019 and grow to over US$192 billion in 2022. This year, the United States has overtaken China to become India’s largest trading partner.
President Joe Biden, when he was the Vice President, had said during his visit to India that the target for bilateral trade should be USD 500 billion per year.
According to India’s Ministry of Commerce and Industry, in the financial year 2020-21, India received the highest ever Foreign Direct Investment (FDI) amounting to USD 81.72 billion.
The US became India’s second largest FDI source with inflows of USD 13.82 billion during 2020-21. The US is one of the top 5 investment destinations for Indian FDI.
India and the United States have at least half a dozen dialogue mechanisms to strengthen their economic ties: India-US Trade Policy Forum, India-US Commercial Dialogue, India-US CEO Forum, Information and Communication Technology, India- US Economic and Financial Partnership Dialogue and the Indo-Pacific Economic Framework [IPEF],
Established in 2005, the India-US Trade Policy Forum is the leading bilateral mechanism to discuss trade-related matters. The India-US commercial dialogue focuses on cooperation in standards, ease of doing business, travel and tourism and other important issues of commercial importance.
Established in 2005, the CEO Forum meets during the India-US Commercial Dialogue and its recommendations from this forum are incorporated into the commercial dialogue.
A Joint Working Group on ICT was established in 2005 to bring together government and industry from both sides to discuss cooperation in the electronics and IT sectors.
The India-US Economic and Financial Partnership Dialogue is led by the Finance Minister and the US Treasury Secretary. India joined the launch of IPEF in May 2022 and is working with 13 partner countries to build an inclusive and resilient Indo-Pacific Economic Framework.
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