Summary:

India aims to increase bilateral trade with the US to ₹43.39 lakh crore (US$500 billion) by 2030, focusing on technology, defense, and green energy. Exporters believe this will enhance competitiveness. FIEO President Ashwani Kumar stresses eliminating trade barriers, while HiTech Gears Chairman Deep Kapuria highlights the target's importance, especially following PM Modi's Washington visit.

In 2023, India’s trade with the US totaled ₹16.49 lakh crore (US$190.08 billion), with a trade surplus of ₹3.79 lakh crore (US$43.65 billion) in goods and ₹56,140 crore (US$6.47 billion) in services. Experts caution against a full India-US free trade agreement, suggesting sectorspecific deals instead, due to US preferences for targeted tariff agreements and limited business visa expansion.

Source: IBEF

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