INDIA-U.S. ECONOMIC RELATIONS: IN BRIEF

The U.S. government aspires to reach $500 billion in annual bilateral goods and services trade with India by 2024, a more than fivefold increase from the $97 billion total in 2013.3 The relationship also supports employment in both countries.4 India is the world's second most populous nation (a...

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Bibliographic Details
Published in:Current politics and economics of Northern and Western Asia 2015-01, Vol.24 (1), p.99
Main Authors: Martin, Michael F, Akhtar, Shayerah Ilias, Kronstadt, K Alan, Kumar, Samir, Siskin, Alison
Format: Article
Language:English
Subjects:
Alliances
Cooperation
Economic conditions
Food security
Foreign investment
Intellectual property
International agreements
International trade
Prime ministers
Property rights
Trade agreements
Trade relations
Trends
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Summary:The U.S. government aspires to reach $500 billion in annual bilateral goods and services trade with India by 2024, a more than fivefold increase from the $97 billion total in 2013.3 The relationship also supports employment in both countries.4 India is the world's second most populous nation (after China) and its third largest economy (in terms of purchasing power parity), having recently supplanted Japan in share of global GDP.5 However, the country is also in the midst of its worst economic slowdown since the 1990s, with two full years of sub-5% annual growth and persistently high inflation.6 Experts generally agree that, for India's international influence to continue to grow-and thus further boost its attractiveness as a U.S. partner-the country's negative economic trends need to be reversed. According to USITC, India was the eighteenth largest export market for U.S. goods in 2013, and the tenth largest source of U.S. merchandise imports.
ISSN:2158-5865