- Under Modi, India strengthens ties with US Administration: Minister
- Bilateral trade between India, US to cross $118 billion in 2023/24.
- The industry estimates that trade could increase by $50 billion in 2 to 3 years.
New Delhi: India looks forward to engaging with the incoming Trump administration to strengthen its economic ties with the US, India’s Commerce Minister Piyush Goyal told reporters in New Delhi on Friday.
“We look forward to a very deep and solid relationship with the new US administration,” the commerce minister said, noting that under the leadership of Prime Minister Narendra Modi, India has fostered bilateral ties with the US administration, including Barack Obama joins Donald’s leadership. Trump and Joe Biden.
Bilateral trade between India and the US, India’s largest trading partner, exceeded $118 billion in 2023/24, with India registering a trade surplus of $32 billion.
Industry estimates suggest that trade could increase by an additional $50 billion within two to three years, indicating significant potential for stronger economic cooperation.
Government and industry groups favor a broader trade and investment agreement with the United States to help Indian manufacturers integrate into global supply chains and maintain policy flexibility to protect national interests.
Goyal said India’s trade in goods and services is likely to cross $800 billion in the fiscal year 2024/25 ending March.
To protect its manufacturers from possible US tariff hikes on its exports, India is looking for ways to strengthen ties with Washington as Trump threatens 60% tariffs and other sanctions on imports from China.