US-India bilateral trade has reached $109 billion in 2015, up from $37 billion in 2005
Highlights
- The statement comes a day before John Kerry's India visit.
- Apart from landmark GST, other reforms have also been highlighted
- US-India trade has reached $109 bn in 2015, up from $37 bn in 2005
India's most transformative tax reform in decades - the Goods and Services Tax or GST - was today praised by the US as it spoke about bilateral trade ties.
US Commerce Secretary Penny Pritzker, who will begin her 3-day trip to India from tomorrow, said, "India's rapidly growing economy and the Modi government's ambitious reform agenda, including the landmark Goods and Services Tax, passage of the recent national bankruptcy law, and liberalised foreign direct investment limits in key sectors, point toward a deeper economic relationship in the years ahead."
Talking about the expanding economic ties with India, Ms Pritzker, said "Our two countries enjoy a thriving trade and investment relationship. US-India bilateral trade reached $109 billion in 2015, up from $37 billion in 2005."
"US and Indian companies are also investing in each other's economies at record levels. In 2015, US investment in India reached more than $28 billion and Indian investment in the United States reached more than $11 billion. In fact, US affiliates of Indian-owned firms now employ more than 52,000 workers in the US," Ms Pritzker told Press Trust of India in an interview.
Asserting that there is a tremendous potential for the US and India to achieve even more together, the Secretary said she is particularly excited over two new areas of focus that will drive their cooperation in the coming year -- travel and tourism and subnational engagement.
She described increasing the number of travelers who move between the US and India as a significant commercial opportunity. More than 1 million people travel between the two countries each year.
"While that figure is strong, there is certainly potential for growth," she added.
On sub-national engagement, Pritzker said: "Both US and Indian states play a vital role in driving economic growth and setting business climate policy. Companies choose to invest in Charleston, South Carolina or Chennai just as much as they select the US and India."