You are here: Home » Current Affairs » News » National
Business Standard

US will continue to be key market for Indian services, products: Report

The report said sectors like aerospace and defence, agriculture, education and tourism, energy, healthcare, infrastructure, manufacturing and digitalisation are major areas for India-US collaboration

Topics
India Service Sector  |  Indian Economy  |  Indian Export

Press Trust of India  |  New Delhi 

IT services

The US will continue to be an important market for India's services and products which contribute to the competitiveness of American corporations, according to a KPMG-USIBC report released Friday.

"The energies and aspirations of Indian companies and citizens, combined with the reforms implemented and to come, will drive India to achieve the ambition of becoming a $5 trillion economy by 2022 and alongside lift US India commercial engagement as a participant in this growth," Arun Kumar, chairman and CEO, KPMG in India, said.

According to the report, sectors like aerospace and defence, agriculture, education and tourism, energy, healthcare, infrastructure, manufacturing and digitalisation are major areas for India-US collaboration.

The report by the US-India Business Council (USIBC) and KPMG discusses the need for action-based collaboration between the two nations to take economic partnership to the next level and highlights sectors having potential for collaboration.

"India's progress in ease of doing business and the long-term sustainable reforms represented by the Goods and Services Tax and the Insolvency and Bankruptcy Code have been noted by US corporations as well as domestic ones. They will add to the productivity and competitiveness of the economy," Kumar said.

He said India is playing an increasing role in the innovation and development dimensions of US companies.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, January 18 2019. 20:31 IST
RECOMMENDED FOR YOU
.