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Indo-US trade on track to surpass $ 145 bn in 2021: US Consul General
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SME Times News Bureau | 18 Nov, 2021
"The US remains India's biggest trading partner and largest export
market with trade exploding from approximately $20 billion in 2001 to
just over $145 billion in 2019 notwithstanding the pandemic taking a
toll on trade," said US Consul General Judith Ravin.
She was
addressing members of the US India Business Council after Karnataka IT
Minister C.N. Ashwath Narayan opened the India-US Tech Conclave on
Wednesday night at the 'Bengaluru Tech Summit-2021'.
Judith
Ravin, participating in the conclave which has been a new initiative
under BTS. said the growth in Indo-US economic ties had been
extraordinary and the 2021 data indicate a strong rebound. She said if
it continues, the countries would be on track to exceed 2019 numbers.
In
addition, she said, the US companies continue to be the biggest source
of foreign direct investment, fueling continued growth in India.
Ravin
said the US-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 both the countries' joint
commitment towards a free and open Indo-Pacific.
The US Consul
General said Indian Prime Minister Narendra Modi met with President Joe
Biden in September in Washington, D.C. to confirm collaboration and
commitments to the Indo-Pacific Region.
"Since that visit,
Special Presidential Envoy for Climate John Kerry and Deputy Secretary
of State Wendy Sherman have come to India to continue these important
discussions in advancing a range of initiatives," she said which would
go a long way in cementing ties between the two countries.
Meanwhile,
Ravin also announced that the US Trade Representative Katherine Tai
will travel to New Delhi on November 22 to meet with her counterpart,
Union Minister for Commerce and Industry Piyush Goyal, and added that
both have agreed to take a comprehensive look at ways to expand the
bilateral trade relationship.
"When it comes to business, there
is no stronger partner to India than the US. 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.
However,
particularly from her perspective in South India, the US Consul General
said the commercial ties formed between the US and Indian tech
companies -- big and small -- have buoyed our business relationship and
supported the recovery in both economies.
"Since my arrival
amidst the pandemic just over a year ago, I have witnessed how India's
tech sector has successfully adapted to the lockdowns and Covid-19
protocols as well as led by example in accommodating the health and
well-being of their workforce while facilitating a seamless
work-from-home operation," Ravin said.
The US Consul General said
these companies at the same time have stepped up to meet the rising
demand of software development, data-driven customer service, and
back-office support for US firms, ensuring that economies of both the
nations remain on track through these difficult times.
"This
support comes at a crucial point in our lives, where we now depend more
than ever on emerging technologies to virtually attend school, conduct
business, and accomplish everyday tasks online, with the click of a
mouse," she said.
Ravin said Bengaluru, as one of the top
beneficiaries of US foreign direct investment, has seen the positive
impact of quality investments.
"US companies enter foreign
markets as true partners and good neighbours. They bring high-paying
jobs, advanced technologies, skills, good corporate governance
practices, and significant opportunities for Indian Small and Medium
Enterprises to integrate with the global economy," she said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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