India Inc has contributed $105 bn to US economy: Anand Sharma

Commerce and Industry Minister Anand Sharma said Indian firms have contributed $105 billion to the US economy between 2004 and 2007 apart from creating 300,000 jobs.

Indian firms have contributed $105 billion (Rs 5.25 lakh crore) to the US economy between 2004 and 2007 apart from creating 300,000 jobs, Commerce and Industry Minister Anand Sharma said in Washington late on Wednesday.

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In his address at the US-India Business Council (USIBC) summit, Sharma cited the findings of a study on India Inc's role in the US and said: "During the period 2004-07, the Indian industry had contributed $105 billion to the US economy and created 300,000 jobs."

He also released the study, "Contribution of the Indian industry to the US economy", which has been prepared for the India Brand Equity Foundation, an organisation set up by the commerce ministry and the Confederation of Indian Industry (CII) to build positive economic perceptions of India globally.

According to a commerce ministry statement on Thursday, Sharma said India and the US were "partners in progress".

At the same time, he said the existing level of trade and economic engagement did not match the potential, "which exists due to India's far-reaching economic liberalisation".

"While a perfect solution may be elusive, it should be possible to find a fair solution acceptable to all parties, while keeping in mind that development was central to the Doha Round (of trade talks)," Sharma told Clinton.