India needs greater access to US market to curb coronavirus-induced export contraction: IACC

India needs greater access to the US market to tie down its export contraction, with the coronavirus pandemic causing massive supply disruptions that will have bearing on the contracts entered into between the governments and private sectors of both nations, the Indo-American Chamber of Commerce said on Monday.

Prime Minister Narendra Modi and US President Donald Trump on Saturday held a detailed discussion on the situation arising out of the coronavirus outbreak and resolved to deploy the full strength of the India-US partnership to fight the pandemic.

Pointing out that the number of infections and casualties in the US is increasing, Lalit Bhasin, president of the Indo-American Chamber of Commerce, Northern Regional Council (IACC-NIC), said India should extend all "possible help" to combat the spread of the virus since the US recovery and its economy bouncing back are critical to an early global economic pick-up.

The US, China, and India together contribute more than 70 per cent of the global trade.

"The earliest recovery of these economies can spur global growth at a faster pace and in that process, all countries-developed, developing and least developed will be beneficiaries," he added.

Bhasin said India needs considerable accommodation from the US to come out of the COVID-19 backlash and to pep up its demand and supply side.

"The World Bank's assistance of USD 1 billion to India, which was announced recently, can partly help bridge the resource gap. India needs greater market access to the US to tie down its export contraction," he added.

Bhasin said coronavirus has led to massive supply disruptions in both ways that will have bearing on the contract entered between the governments and private sectors.

He said India and the US can be partners in evolving a cure for coronavirus. India has a strong indigenous healthcare system, that includes Yoga and Ayurveda, which can combine with advanced clinical practices of the US to develop a cure and preventive care for COVID-19.