India should be top priority for US: USIBC

Tags: India, USIBC, News
India should be a top priority for the US as it is the world's

RELATED ARTICLES

third-largest economy and is gaining traction in its economic recovery from the global recession, a top American trade advocacy group has said.

"There are many reasons India should be a top priority for US attention. India is the world's third-largest economy, gaining traction in its economic recovery from the global recession and hungry for American goods and services," US India Business Council (USIBC) president Ron Somers wrote in an op-ed for the Roll Call.

He said in the article that India is not only the world's third-largest economy but is also a stabilising force in a region known to be a "tough neighbourhood".

Somers said the US exports to India have grown 491 per cent in value since 2000 and bilateral trade now exceeds USD 100 billion, up from USD 25 billion when the then President George W Bush visited India in 2006.

"Bilateral investment and commercial ties are growing at double-digit rates. Ten of the top 15 IT companies operating in India are American," he wrote.

Noting that strategically India is a stabilising force in a region known to be a "tough neighbourhood" surrounded by Pakistan, Afghanistan, Iran, Myanmar and China, Somers said the growing strategic partnership between India and the US encompasses cooperation in cyber security, higher education, clean energy, health care, environment, scientific research, space, and many other areas of mutual interest and concern.

Somers noted that the Indian government had made progress in market access, the tax environment and legislation to enable more foreign direct investment but there is more to be done in these areas along with fostering an environment that attracts innovation.

"In the US, the Senate passed an immigration bill that, if enacted into law, would seriously disrupt relationships between thousands of US companies and their long-standing IT services partners, many of which are based in India," he said.

"This would hurt US businesses, discourage further investments in the US and cost thousands of jobs for Americans," Somers said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • 49 per cent FDI in defence should pave the way for modernisation

    There is one industrial sector in India that has been kept out of the purview of the normal cycle of investment and production — defence.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Welfare must be humanitarian not political

We are a very political people. We politicise and corrupt ...

Purnendu Ghosh

How to distinguish a need from a want?

The day when the annual budget is announced is one ...

Shona Adhikari

Decades apart, yet a common ground in fine art

Today’s column is about two artists born many decades apart, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture