Indo-US services trade may touch $ 150 bn by 2015: CII
The Indo-US services trade is likely to grow to an ambitious $ 150 billion in the next six years, says a CII estimate.business Updated: Nov 29, 2009 13:06 IST
The Indo-US services trade is likely to grow to an ambitious $ 150 billion in the next six years, says a CII estimate.
At present, the country's total engagement with the US is over $ 60 billion, out of which about $ 40 the merchandise trade accounts billion for. Last fiscal, the services exports to the US touched $ 22 billion.
"The fast growing services trade between India and the US, which has remained relatively stable despite global economic crisis is expected to cross $ 150 billion figure by 2015 even faster than the bilateral merchandise trade," the chamber said quoting its study.
"Given the growing demand for services in the US and assuming that the demand for outsorucing will continue to grow from American corporations, the country should expect larger market access in this sector," said the study.
The CII study also listed several impediments to the bilateral trade. It asked the US to remove trade restrictions and production subsidies to counter the effect of the global economic crisis. Besides, the sudden withdrawal of the Generalised System of Preferences has hit-hard India's labour-intensive gold jewellery, diamond and brass products, CII said. The US is a major market for these products.
Further, the study said, "in services trade although exports have grown exponentially to touch $ 12 billion in 2008, the domestic industry is still concerned regarding the movement of professionals and non-recognition of Indian professionals qualifications in the US."