Highlighting the synergies of Indian and US businesses, Indian ambassador Nirupama Rao has said their partnerships have contributed immensely to the growth the knowledge economy sectors in both countries.
"Surely, it has benefited India immensely; but it has also had a profound all round impact in strengthening of the India-US relationship," she said at the annual gala organised by Indo-American Chamber of Commerce of Greater Houston on Saturday.
Noting that it had also contributed in sustaining US competitiveness in IT and other sectors, Rao said: "Clearly, India offers a mutually beneficial value proposition for businesses in both countries."
"Today, more than ever before, in the US, as in India, there is a clear recognition and much excitement in moving India-US relationship to a new level of higher engagement befitting of our strategic partnership," she said.
While the US is the largest source of foreign investments in India, Indian direct investment into the US has also been growing rapidly and in recent years has matched or even exceeded the US foreign direct investment into India.
During 2004-2009, as per independent studies, Indian companies have invested about US$ 26 billion in 43 states in manufacturing, mining, information technology, and services, Rao said.
Earlier, speaking on "A perspective on India-US global strategic partnership" at the Rice University, she noted that bilateral defence trade which was negligible only a few years ago is today blossoming.
India was purchasing $8 billion worth of US defence equipment, Rao said and as India continues to modernise its defence forces, she was confident that in the future the United States will become an important source of high technology defence equipment.
"I believe that we can do better by looking towards co-production, research and development," she said.