HomeBusinessThe United States shows concern over trade deficit with India

The United States shows concern over trade deficit with India

Most Read

The US on Friday expressed concern over the trade deficit with India and the challenges being faced by American companies to invest here.

Addressing the Indo-US Economic Summit here, US Minister Counselor for Commercial Affairs Aileen Nandi, however, hoped to explore possibilities at the US-India Business CEO Forum to strike a trade balance between the two countries.

- Advertisement -

As per the Indian government data, India’s exports to the US during 2018-19 were worth about USD 52.4 billion while imports bill stood at USD 35.55 billion.

The US trade deficit with India during 2018-19 stood at USD 16.85 billion, lower than USD 21.26 billion in the preceding year, the data showed.

“Bilateral trade relationship with India is broad and complex. The trade between the two countries has increased every year in the recent past. …However, we are concerned about the trade deficit that we have with India,” Nandi said.

The two-way trade between the US and India stood at USD 142 billion during 2018. During January-July 2019, the bilateral trade has increased 10.5 per cent over the last year period, she added.

Nandi also noted that the US was aware of the challenges that American companies continue to face in India.

She however observed that with Indo-US Business CEO Forum, having its interface regularly, the issues of mutual concerns relating to Indo-US trade would get resolved and investments from India to the US and vice-versa would apportion.

Nandi, in a statement later said, since the political relationship between India and the US has begun to grow and diversify with conciliatory mode and big ticket Indian businessmen aggressively making their investments in the US, the two-way trade would flourish in a manner that would address the concern of increasing trade deficit of the US towards India.

Asserting that there is scope to further boost trade with the US, Indo-American Chamber of Commerce National President S K Sarkar said the target is to achieve a bilateral trade of USD 500 billion by 2022.

Agriculture, defence, food processing and host of similar sectors assume large possibilities through which India and the US could come closer and cement their ties for enhanced trade and economic cooperation between the two countries, he said.

“We lag a little in export market as we are not part of the global supply chain. We need to understand the technological advances that are taking place all over the world and we could easily become economic leaders in the world,” Sarkar said.

In services sector, he said India has a positive balance with the US. The granting of Strategic Trade Authorisation-1 (STA-1) status to India puts India at an elevated level, he added.

Subscribe To Morning Newsletters

Sign up to receive the latest news stories, exclusive interviews, and more in your inbox.

We don’t spam! Read our privacy policy for more info.

Editor's Pick

Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

Read More Stories

SKF Showcases Intelligent & Clean Solutions for the Textile Industry at International Textile Machinery Exhibition (ITME) 2022

SKF India, the country's leading technology and solutions provider of bearings and services will showcase innovative products and solutions...

OneRare and Cornitos: Bringing the Magic of Cornitos to the Foodverse

Cornitos is a leader in the Snack category and has always strived to give its fans and patrons the...

Chitkara University Signs MoU with NEC Corporation India to Transform Learning in the Field of AI/ML

Chitkara University announced its collaboration with NEC Corporation India, a wholly owned subsidiary of NEC Corporation, for a comprehensive...

Role of skills-based hiring in promoting inclusive economic growth in India

In recent years, India's employment landscape has experienced a profound shift, with an increasing emphasis on skills-based hiring. This...

Global Cryptocurrency Regulations: Impact on Industry and Investor Behavior in 2024

The world of cryptocurrency has seen remarkable growth and evolution since its inception, transitioning from obscure digital assets to...

Interview: Modernizing Field Sales Operations With Delta Sales App Director Ekta Golchha

Speaking with TechGraph, Ekta Golchha, Founder and Director of Delta Sales App underscores the app's innovative role in optimizing...