New Delhi, Oct 30 (IEBusiness) The Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, said that Indo-US relations are unique as they are based on common values and mutuality of interests.
Speaking at US-India Strategic Partnership Forum in New Delhi today, the Minister said that India offers huge opportunities for American companies as India is a growing economy and is set to become a USD 5 trillion economy in a few years time and USD 10 trillion by 2035.
The Minister further stated that the two countries are in a position to developa shared strategic vision which will benefit both the countries. The private sector in India is the backbone of our economy and it can perform betterin partnership with the US.
He also mentioned that India has made a substantial progress on ease of doing business and those American companies looking to move out of China will be offered attractive opportunities in India.
The Commerce Minister stressed on alignment of strategic ideas with economic development.
Despite uncertainties about global trade, India strongly supports multilateral trading system and wishes to work with the US to resolve any issues which may have arisen. The Minister said that India can never pose any strategic challenge to the US, rather it’s enhanced strategic footprint will benefit the US.
American companies support over 6.6 million jobs in India and contributed value addition to India’s GDP by over USD 90 billion in 2017. US is India’s largest trading partner and the top export market for Indian goods. Flow of FDI from the US to India has been over USD 50 billion in last 4 years.