PR No – 438
25th July, 2023
India-USA Bilateral Trade Likely to Touch USD 300 Billion in 2026-27: PHD Chamber
Industry body releases a report on “India-USA Bilateral Relations: Steady Strides into the Future” in its interaction with Mr Jonathan M. Heimer (Minister Counselor for Commercial Affairs, Embassy of the United States of America) and Mr. Drew Schufletowski (Minister Counselor for Economics, Environment, Science and Technology, Embassy of the United States of America), at PHD House, New Delhi.
India-USA trade is likely to touch US $ 300 billion in 2026-27 from its current trade of US $ 188 billion in 2022-23 said a report “The India-USA Bilateral Relations: Steady Strides into the Future” by PHD Research Bureau, PHD Chamber of Commerce and Industry.
The volume of exports (merchandise + services) from India to USA has increased from USD 82 Billion in FY 2018-19 to USD 111 Billion in FY 2022-23. The volume of imports (merchandise + services) from India to USA has increased from USD 58 Billion in FY 2018-19 to USD 76 Billion in FY 2022-23, said the industry body.
India and USA, the two largest democracies, are not only collaborating closely in trade, but also possess common interests in promoting global economic prosperity which is evident from the strong bilateral cooperation between them in forums like G20, Quad and IPEF (Indo-Pacific Economic Framework for Prosperity), said Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry.
Mr. Jonathan M. Heimer, Minister Counselor for Commercial Affairs, Embassy of the United States of America, said that PHDCCI establishes an important link in further strengthening the India-USA relations. He further expressed his optimism towards working in close collaboration with PHDCCI for deepening India-USA bilateral trade relations.
Mr. Drew Schufletowski, Minister Counselor for Economics, Environment, Science and Technology, Embassy of the United States of America, applauded the upward trajectory observed by trade and bilateral relations between India and the USA. He added that amidst the turbulent times, India plays a crucial role in strengthening global supply chains.
Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry praised all-time high relations between India and USA in wide-variety of sectors including trade, investment, diplomacy, education etc. He stated that these relations must grow to holistically help the SMEs which will become MNCs in coming times.
While interacting with the dignitaries from the Embassy of the United States of America, Shri Saurabh Sanyal, Secretary General and CEO, PHDCCI, informed about the deep associations of PHDCCI with the American Chamber of Commerce. He further expressed his optimism towards growing such interactions in coming times.
Dr. S.P. Sharma, Deputy Secretary General and Chief Economist, PHDCCI, iterated about the growth prospects of India’s exports in coming times owing to significant progression in trade, economy and infrastructure. He also mentioned about the different initiatives of PHDCCI towards enhancing trade and investments with the USA.
Shri Vipin Vohra, Chairman, Civil Aviation Committee, PHDCCI, Shri Vishal Dhingra, Co-Chairman, Foreign Trade and Investment Committee, PHDCCI, and Shri Naveen Seth, Deputy Secretary General, PHDCCI, were also present in the interaction with the dignitaries from the Embassy of United States of America and they shared their valuable business practices with them.
Full Report Attached
PHD Chamber of Commerce and Industry