Trade between India and the US are on the threshold of a new trajectory with small and medium enterprises from both countries seeking to establish newer synergies, particularly in energy and clean technology, a senior official of the Obama-administration said.
"If anything is going to hold back India's growth, it is going to be energy," Suresh Kumar, Assistant Secretary for Trade Promotion and Director General of the US and Foreign Commercial Service US Department of Commerce, International Trade Administration told Hindustan Times on Tuesday.
Kumar, who is in India leading a delegation of 36 companies, said there is renewed thrust on export from the US after President Barack Obama unveiled the National Export Initiative (NIE).
NIE is an ambitious effort to marshal the full resources of the United States government behind American businesses that sell their goods and services abroad.
"The opportunities for gains for both countries from US exports to India are immense, particularly in the areas of technology, renewable energy and related areas," Kumar said.
Kumar, who addressed delegates at the Delhi International Renewable Energy Conference (DIREC) 2010, said "energy is an important input for economic development but today, the world's energy supply is largely based on fossil fuels and India can gain from US companies.
Kumar heads the US and Foreign Commercial Service (USFCS), the trade promotion arm of the US Government that supports and provides customised solutions to US businesses so that they can compete and win in the global marketplace.
"Pharmaceuticals, healthcare and bio-tech industry are the other areas where India can gain immensely from US exports," he said.
In 2009, US exports to India stood at $16.4 billion while India's exports to the US stood at $21 billion.
Kumar, who previously headed the worldwide consumer pharmaceuticals business of Johnson & Johnson, said "there were still some gaps in India's patent regime, although India has done a fabulous job compared to some other countries."