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Bengaluru Tech Summit: India-US trade to surpass $145bn mark, says US consul general
The US consul general added that Bengaluru is one of the top beneficiaries of US foreign direct investment. The city is home to several large American giants, including Intel, Cognizant, Amazon, among scores of other companies.
The Covid-19 pandemic notwithstanding, trade between India and the USA is on track to surpass $145 billion in 2021, American consul general Judith Ravin said at the ongoing Bengaluru Tech Summit on Thursday.
“The United States remains India’s biggest trading partner and largest export market with trade exploding from approximately $20 billion in 2001 to just over $145 billion in 2019 notwithstanding the pandemic taking a toll on trade,” she said according to a statement by the Karnataka government.
She added that Bengaluru is one of the top beneficiaries of US foreign direct investment. The city is home to several large American giants, including Intel, Cognizant, Amazon, among scores of other companies.
Karnataka and other states in India have been trying to attract investors from across the globe as it looks to infuse fresh capital to overcome the impact of the pandemic on the economy.
The renewed ties began after Prime Minister Narendra Modi visited the USA in September.
“Since that visit, Special Presidential Envoy for Climate John Kerry and Deputy Secretary of State Wendy Sherman has come to India to continue these important discussions in advancing a range of initiatives,” the consul said.
Ravin added that United States Trade Representative Katherine Tai would travel to New Delhi on November 22 to meet with her counterpart Piyush Goyal, the Union minister for commerce and industry, to discuss further partnerships.
“When it comes to business, there is no stronger partner to India than the United States. We believe that India’s economic strength is not just in India’s interest, but in the interest of the United States, the region, and the world,” she said.
“Since my arrival amidst the pandemic just over a year ago, I have witnessed how India’s tech sector has successfully adapted to the lockdowns and Covid-19 protocols as well as led by example in accommodating the health and well-being of their workforce while facilitating a seamless work-from-home operation,” the US consul said.
Other sessions in the ongoing summit discussed AI and its growing application in daily lives.
“When we look at Digital India, we have transformed it from more than a campaign”, with India processing the highest digital payments in October 2021, surpassing China. The contribution of this technology projects over $10-15 billion of the global GDP, translating to 3-4% of India’s GDP,” NT Arunkumar, MD & Country Head and Head of Innovation, Telstra India, said.
