India Inc looks forward to US President's visit with excitement: Assocham
New Delhi/UNI: India Inc is looking forward to the forthcoming visit of President Donald Trump with excitement as it would take the Indo-US economic relations to greater heights, one of the apex trade associations of India, Assocham said.
The visit of US President ''would take the Indo-US economic relations to greater heights, as the world's largest democracies would forge new strategic ties in the emerging global economic paradigm,'' said Assocham Secretary General Mr Deepak Sood.
The US is India's largest partner in trade in goods and services, besides investment. Most of the Fortune 500 US companies have an overwhelming presence in India, while leading Indian corporates in manufacturing and services have expanded their foothold across the US market.
''When it comes to goods, the US is finding greater market access in India, as is reflected in the trade data, " he said.
The US trade gap with India has sharply declined from USD 21 billion in 2017-18 to USD 16 billion.
"Trade negotiators from both India and the US have been working hard to add value to the bilateral economic engagement, leveraging on their mutual advantages. As Prime Minister Narendra Modi hosts Trump to a national reception, the two leaders would give a decisive lift to the bilateral ties'', the Assocham Secretary General said.
India's export to the US in fiscal 2018-19 aggregated to USD 52.42 billion , against USD 47.88 billion in previous financial year with a growth of 9.49 per cent. Exports to the American market account for close to 16 per cent of India's total merchandise exports, according to the statement.
Imports from the US in 2018-19 were USD 35.55 billion against USD 26.61 billion in the previous fiscal.
Main items of exports to the US include drugs formulations and biological, pearls, precious and semi-precious stones, gold and precious metals, iron and steel.
Main items of imports include petroleum crude , pearl, precious and semi-precious stones.
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