India is planning to spend billions of dollars to buy American goods ranging from oils to gas and weapons, as the Indian government recently confirmed to buy off $5 billion worth of oil and gas, and $18 billion worth of defence weapons from the US, annually from this year.
With the agenda to facilitate each other with unbounded possibilities beneath their partnership, the US-India bilateral relation is gaining momentum as both the nation have agreed to bolster trade and economic relations. At the USIBC reception hosted to honor the Ambassador of India to the US, Harsh Vardhan Shringla, he quotes many facts that are showing the contributions made by each nation to one another. This is evident from the 30% hike in the US-to-India export rate, billing up to $140 billion expenditure in the past two years, compared to $119 billion trade previously.
Keeping up with the commitment to purchase from the US, not only in one sector but various, India recently confirmed to spend $5 billion to import oil and gas, annually. This lays on top of the $18 billion defense purchase that is currently under implementation, on top of India buying 300 airplanes with cart value of $40 billion has also been placed by Commercial Indian Airlines. Besides exports and trade, the 2.27 lakh Indian students in the US are contributing $6.5 billion to American academic structure – and with multiple business verticals, India has become a prominent trade partner for America, among top 10 in ‘sheer volume of business’ terms.
The American corporate sector was also urged to invest in India as, now, the Government of India is accelerating the pro-activities. Moreover, the president of the US Chambers of Commerce, Tom Donohue, has also laid a commitment to drive out every common issue between both the nations by devising the energy in an appropriate way. The president of USIBC and former Assistant Secretary of State for South and Central Asia, Nisha Desai Biswal and Indian-American Congressman, Raja Krishnamoorthi has also remarked the benefits of India-US relationship.