US Businesses Witness Scope With Blooming Indian Economy

By siliconindia   |   Saturday, 29 April 2023, 13:05 IST
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US Businesses Witness Scope With Blooming Indian Economy

Indian economy is experiencing a significant boom in recent years, which holds critical exposure to the US and global economy, strengthening ties between both nations.     

The president of the US-India Business Council (USIBC), Atul Keshap, has made a statement that the US-Indian relationship is likely resulting in the middle class in the US finding quality jobs. The bilateral commerce has reached nearly 190 billion USD lately, featuring a critical growth in the American exports of pharmaceuticals, electrical equipment, and industrial machinery.

With the Indian economy growing exponentially in recent years, it holds an induced potential for American companies. The economy’s desire for American products, innovation, and culture is anticipated to soar furthermore in the future, especially with the urbanization of the population, and thus, joins the global middle class.

India’s desire for the greatest American industrial machinery and intellectual property (IP) is critically upsurging, following the nation’s effort to emerge as a major global manufacturing hub. Indian economic growth is expanding seamlessly in recent times, thereby, elevating the region to the top export destination for sectors sustaining American jobs. He added that agricultural products, microchips, transitional fuels, and a wide range of products that are produced by the district’s residents will be purchased by Indian citizens and businesses.

Thus, democracies hold a critical concern about their citizens with proven mutual trust. With the advent of the pandemic, the bonds of friendship and love between Americans and Indians are becoming more robust in recent times, where a critical boom in the Indian economy is aimed to accelerate the economy of both America and India in the 21st century.

The US Deputy Secretary of Commerce, Don Graves, has stated that India has managed to establish itself as a source of 14.5 billion USD in foreign direct investment into the US, generating more than 70,000 jobs in the nation. He remarks that the largest delegation of Indian investors in history is critically expected to attend the Select USA Investment Summit in Washington, DC, in the upcoming week.