India's Opening Up Has Tremendously Benefited U.S. Firms: CII

Washington: Highlighting the exponential growth in the India-US trade relationship, an Indian industry group has told a US commission that American and other foreign firms have tremendously benefited from India's opening up.

Thanks to its "pro-business policies, India has been consistently rated among the top investment destinations globally by international bodies", the Confederation of Indian Industry (CII) told the US International Trade Commission (USITC) Friday.

The bipartisan fact finding body is holding a hearing here on "Trade, Investment, and Industrial Policies in India: Effects on the US Economy" at the behest of two Congressional committees.

Presenting CII's strong and reasoned defence of India's trade, commercial and investment policies, Pallavi Shroff, senior partner at Amarchand Mangaldas, pointed out that from 2005 to 2013, the total India-US merchandise trade grew from $26.72 billion to $63.70 billion.

CII also pointed out that in the last decade, there has been a substantial liberalisation of the FDI regime in India in several sectors from domestic airlines to retail.

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