Indo-US trade to reach $100 billion by 2018: PHD Chamber

Industry lobby PHD Chamber of Commerce and Industry Friday said the forthcoming visit of US President Barack Obama would further enhance trade ties between India and US which are set to reach $100 billion mark by 2018.

"I believe the forthcoming 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," said Alok B. Shriram, president, PHD Chamber of Commerce and Industry.

"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 Shriram, bilateral trade between the two countries will touch the $100 billion-mark by 2018.

Commerce ministry data shows that India's exports to the US have risen from $9 billion in 2001-02 to around $39 billion 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 $3 billion in 2001-02 to $22 billion in 2014-15. Overall, bilateral trade between India and the US rose five-fold from $12 billion in 2001-02 to $62 billion in 2014-15.

During 2000 to 2013, the cumulative foreign direct investment (FDI) flows from the US to India were estimated at $14 billion -- constituting nearly six percent of the total FDI into India.