Due to the difficulties in other countries of the world, the attraction of business in India is increasing. Representatives of more than 100 US companies have come to explore business opportunities in India. The delegation will also visit Ahmedabad, Chennai, Kolkata, Mumbai, Bangalore and Hyderabad in addition to Delhi during eight days of India visit.
Representatives of more than 100 US companies have come to visit many cities of the country to explore business opportunities in India. This visit, which started on Monday from the representatives of the companies, is part of the American Commerce Ministry’s annual trade mission program Trade Winds. The delegation will also visit Ahmedabad, Chennai, Kolkata, Mumbai, Bengaluru, Hyderabad and New Delhi .
US Commerce Minister Wilbur Ross said, “We aim to use every available resource in the Commerce Department to ensure fair and mutual business for American companies that sell their products and services all over the world.” The US Department of Commerce is hosting the 11th Trade Winds Business Forum and Mission between May 6 to 11. Kenneth Jester, the US Ambassador to India, said that considering the size of US-India economies, there is a lot of potential for growth in business.Earlier it was reported that about 200 companies in the US are preparing to bring their manufacturing center to China from India.
If everything is okay then after the Lok Sabha elections, US companies will bring jobs out of India. The US-India Strategic and Partnership Forum (USISPF), a voluntary group that advocates for relations between America and India, says that American companies are looking for some alternative to China and companies feel that the manufacturing center shift India will be most suitable for this.
Increasing tradeIt is worth mentioning that during the year 2018, trade between goods and services between India and the US was about $ 142.1 billion. US imports were $ 58.9 billion and Indian exports to the US were $ 83.2 billion. Thus, the trade deficit from India to the US was $ 24.2 billion.India is currently the 9th largest commodity trading partner in America. During the year 2018, the trade between the two countries was $ 87.5 billion.
Exports from India to US $ 54.4 billion and imports from the US in India amounted to $ 33.1 billion. The trade deficit of this type of goods from India was $ 21.3 billion.In the case of services, in the year 2018, the total trade of services between the two countries was 54.6 billion dollars. India’s exports to the US accounted for $ 28.8 billion and imports of services from the US to $ 25.8 billion. In this case, the US trade deficit was about $ 3 billion in services