INDO-US MERCHANDISE & SERVICES TRADE MAY TOUCH US$ 525 BN BY 2025, SAYS A REPORT BY PHD CHAMBER AND RELEASED WITH DEPARTMENT OF COMMERCE, US

INDO-US MERCHANDISE & SERVICES TRADE MAY TOUCH US$ 525 BN BY 2025, SAYS A REPORT BY PHD CHAMBER AND RELEASED WITH DEPARTMENT OF COMMERCE, US

INDO-US MERCHANDISE & SERVICES TRADE MAY TOUCH US$ 525 BN BY 2025, SAYS A REPORT BY PHD CHAMBER AND RELEASED WITH DEPARTMENT OF COMMERCE, US

 

No.PR-203
February 25, 2015
New Delhi
 

INDO-US MERCHANDISE & SERVICES TRADE MAY TOUCH US$ 525 BN BY 2025, SAYS A REPORT BY PHD CHAMBER AND RELEASED WITH DEPARTMENT OF COMMERCE, US

 

PHD Chamber of Commerce and Industry has projected that Indo-US bilateral trade in merchandise as well as services sector is likely to go up to US$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 here today by Washington State Department of Commerce and PHD Chamber, however clarifies, “Indo-US merchandise trade has potential to accelerate to a level of US$325 billion in next ten years whereas prognosis for two nations services trade are estimated at US$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 here today in which Assistant Director, Washington State Department of Commerce Ms. Mary Trimarco and President PHD Chamber Mr. Alok B. Shriram took part expressing confidence that with 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 Mr. John M. McCaslin, Chairman, International Affairs Committee of PHD Chamber Mr. Deepak Pahwa, its Secretary General Mr. Saurabh Sanyal and Senior Corporate Vice President and Chief Productivity and Competitiveness Officer of HCL Technologies Mr. Rajiv Sodhi.
 

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

India-US merchandise & services trade projections (US$ bn)

Year

Indo-US merchandise trade

Indo-US Service  trade

FY2014

63

34

FY2015

70

38

FY2016

80

43

FY2017

90

48

FY2018

100

54

FY2019

120

65

FY2020

144

80

FY2021

160

96

FY2022

204

120

FY2023

260

145

FY2024

330

160

FY2025

325

200


Source: PHD Research Bureau
 
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.
 
ENDS

Koteshwar Prasad Dobhal
Consultant (PR)