New Delhi, Feb 14 Top industry organizations Assocham and Federation of Indian Export Organizations (FIO) on Friday described Prime Minister Narendra Modi’s visit to the US as historic in strengthening trade and investment relations between the two countries.
Assocham President Sanjay Nayar said that the joint statement issued after the meeting between Prime Minister Narendra Modi and President Donald Trump in Washington DC is a symbol of the continued trust and strength of the strategic partnership between India and the US.
He said that the Prime Minister’s visit to the US has brought many concrete results. These include strengthening cooperation in defense, terrorism, fossil fuels and nuclear energy, energy security covering both countries, trade and investment, as well as leveraging India’s human capital.
Another major outcome is the development of a US-India roadmap to accelerate AI infrastructure by the end of the year.
Nair said the ambitious target of $500 billion bilateral trade by 2030 is easily achievable, while consensus on negotiations for a bilateral trade agreement will pave the way for new trade and investment opportunities between the two countries.
According to FIEO President Ashwani Kumar, the visit is an important step towards deeper economic cooperation, expanding trade, promoting investment and strengthening strategic ties between the two countries.
He said the discussions are a major milestone in the growing economic ties between India and the US. The US is emerging as one of India’s largest trading partners. These developments will provide new opportunities to Indian exporters.
The focus on technology, defence and green energy will particularly benefit India’s export sectors and enhance global competitiveness.
The FIEO chief also appreciated the increased investment focus, which will spur new industries and job creation in India, provide impetus to the ‘Make in India’ initiative and boost demand for Indian exports.
They underscored the importance of enhancing bilateral trade by removing barriers and streamlining processes.
Focus sectors include technology, healthcare, agriculture and textiles, with an ambitious target of reaching $500 billion in bilateral trade by 2030 under “Mission 500”.
Kumar lauded the early timeline for a multi-sectoral bilateral trade agreement (BTA) by the end of this year, which aims to enhance market access, reduce trade barriers and improve supply chain integration.
The discussions also resulted in the announcement of initiatives to boost US investments in India.
“These investments will create new opportunities for Indian exporters and position India as a major hub for innovation and manufacturing,” the FIEO chief said.
“The key focus was on enhancing cooperation in IT, AI and 5G infrastructure, which will open up significant growth opportunities for Indian tech businesses in the US market.”
