India-US bilateral trade may touch $525 bn by 2025: Report

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SME Times News Bureau | 26 Feb, 2015
Apex industry body, PHD Chamber of Commerce and Industry, has projected that India-US bilateral trade in merchandise as well as services sector is likely to go up to USD 525 billion by 2025 in view of recent bilateral policy measures undertaken by the two democracies of the globe.

The report named "India-USA Economic Relations" which was jointly released in New Delhi on Wednesday by Washington State Department of Commerce and PHD Chamber, clarifies, "Indo-US merchandise trade has potential to accelerate to a level of USD 325 billion in next ten years whereas prognosis for two nations services trade are estimated at USD 200 billion for 2025."

The report has been released on the occasion of an Interactive Session on "Expand Your Business in North America" under aegis of by PHD Chamber in which Assistant Director, Washington State Department of Commerce Mary Trimarco and President PHD Chamber, Alok B. Shriram took part.

Expressing confidence over recent bilateral policy measures taken by the US administration and the Indian government such as Indo-US Nuke deal, extension of their defence pact for another 10 years as well as forging closer partnership for developing smart cities in India, would further cement the Indo-US trade and economic ties to achieve the forecast.

The release of report was also witnessed by Minister Counselor for Commercial Affairs US Commercial Service, US Embassy in India John M. McCaslin, Chairman, International Affairs Committee of PHD Chamber Deepak Pahwa, its Secretary General Saurabh Sanyal and Senior Corporate Vice President and Chief Productivity and Competitiveness Officer of HCL Technologies Rajiv Sodhi.

According to official estimates, the Indo-US merchandise trade stood at USD 63 billion whereas the service trade is calculated at USD 34 billion during fiscal 2013-14. Both the merchandise trade as well as services trade between India and US in totality was calculated at USD 97 billion.

The report further points out that in the light of recent positive outlook towards strengthening bilateral economic relations, it is imperative on the part of both India and US to frame the strategies in such a way so that these initiatives can well be executed at the ground levels; effective benefits can be derived out of these relations, untapped potential can be harnessed and economic relations between the two can be strengthened in coming times, added chamber in its press release.