India-US chamber aims $500-bn trade in few years

The Dollar Business Bureau

Indo-American Chamber of Commerce (IACC) aims to increase the trade between India and the US to reach $500 billion in the coming few years. To achieve such a winning leap growth in trade, concerted efforts are required with new solutions and structures to drive the trading mechanism, IACC said in its National Conclave 2016 in Hyderabad on Friday.

During the event, Home Minister Rajnath Singh said, “India and US are natural allies and could transform the world with trade and trust. Our Prime Minister Narendra Modi and the US President Barack Obama have added a new and successful chapter in Indo-US bilateral relations. The US-India trade value was $90 billion during 2009-10. It rose to $100 billion in 2014-15. Now we should focus on the goal to achieve the $500 billion Indo-US trade value soon.”

“India has enormous potential than any other country in this direction and the ongoing IACC Conclave would deliberate extensively on this. Under the dynamic leadership of Modi, India is now the fastest growing economy in the world. At present, all indicators are in the right direction and the country is the most attractive destination for investments. The government is laying emphasis to achieve double digit growth, by following proactive, holistic and integrated approach,” he said.

Singh said that the recent meetings held by the Prime Minister with heads of top corporates in the US were great success resulting in attracting FDIs from these companies. Indian pharma companies are capable of producing affordable generic medicines and the US needs to permit import of generic medicines to bring down the healthcare costs, he said.

India and the US can explore opportunities in the untapped rural infrastructure development sector. Besides, the youth were being trained under the Skill India programme and the US companies can benefit by utilising this manpower. There are ample of opportunities in the agriculture sector too for both countries to improve economic ties, he added.

The minister informed that he will be visiting the US next month for the dialogue on Homeland Security. There is a need to use technology for Border Management. The redtapism and governmental procedures were minimised to attract FDIs. To facilitate US investments under the fast track mode, the government has setup ‘One shop investment platform’.

The Governor of Telangana and Andhra Pradesh ESL Narasimhan, IACC National President Lalit Kanodia and other dignitaries were also present on the occasion.