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What is the news?
Indian PM has visited the USA last month. The meeting was significant because of the Quad leader summit, 1st bilateral engagement with the present US President and speech at the 76th United Nations General Assembly.
|Read more: Quad Leaders’ Summit – Explained, pointwise|
What are the outcomes of the India-USA meet?
Both countries announced steps to deepen industrial cooperation, development of air-launched unmanned aerial vehicles under Defence Technology and Trade Initiative, finalization of MoU on health and biomedical sciences.
Trade: Both countries committed to re-engaging in Trade Policy Forum, India-US 2+2 dialogue, US India CEO Forum and Commercial dialogue to be held in 2022.
What is the status of India-US Trade at present?
Goods and Services: India-US trade before the pandemic was nearly $146bn in 2019, with the USA as India’s largest trading partner. It is expected that aggregate goods trade will surpass $100bn for the 1st time ever this year.
Data on the service side also shows a positive mark. With both countries able to establish trusted relations in trade, it is expected that the mutual goal of $500bn in bilateral goods and services will be achieved soon.
FDI: US FDI continues to increase in India with $45.9 in 2019. According to the Confederation of Indian Industries Indian Root American Soil 2020 survey, Indian FDI and job creation in the USA is also expanding with $22bn in investment 125,000 jobs either created or safeguarded.
Indian industry, guided by Make in India, can be a strong force in cementing the economic and strategic relations between the USA and India.
Source: This post is based on the article “Modi visit to US has helped expand economic cooperation” published in Live Mint on 5th October 2021.