NEW DELHI, Jan 24: PHD Chamber of Commerce and Industry (PHDCCI) has said the coming visit of US President Barack Obama would further enhance trade ties between India and the United States, which are set to reach 100 billion dollars mark by 2018.
In a statement here, chamber president Alok B Shriram said: “I believe the coming visit of US President Barack Obama would further enhance economic and business linkages between India and US and lead to a win-win proposition for both in terms of improving investors confidence.
“The new government is pro-active and progressive for undertaking strategic initiatives for ease of doing business so as to provide conducive business environment to the prospective investors.”
According to Mr Shriram, bilateral trade between the two countries will touch the 100 billion-dollar mark by 2018. Commerce Ministry data shows that India’s exports to the US have risen from nine billion dollars in 2001-02 to around 39 billion dollars in 2014-15, with the US remaining India’s top export destination throughout the years. Import-wise, the US has registered a steep rise from three billion dollars in 2001-02 to 22 billion dollars in 2014-15. Overall, bilateral trade between India and the US rose five-fold from 12 billion dollars in 2001-02 to 62 billion dollars in 2014-15.
During 2000 to 2013, the cumulative Foreign Direct Investment (FDI) flows from the US to India were estimated at 14 billion dollars — constituting nearly six per cent of the total FDI into India.
(AGENCIES)
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