India-US Bilateral Trade: China will not sleep for 3 days! Know what deal Modi is going to make in America
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This visit of Modi is expected to give a new boost to the technology partnership between the two countries. Especially a big announcement can be made about making semiconductor supply chain. US National Security Advisor Jack Sullivan, who came to India last week, indicated a big announcement in the semiconductor sector between the two countries. Partnership in the semiconductor sector is one of the biggest targets of the US-India Initiative on Critical and Emerging Technologies (iCET). During this, Modi is also going to have a meeting with the CEOs of the top 20 companies of America. These include Mastercard, Accenture, Coca-Cola, Adobe Systems and Visa. Interestingly, both sides want to convert this partnership into Global Strategic Partnership.
heavy emphasis on travel
How much attention is being given to this visit of Modi in America, it can be understood from the fact that the leaders of both the chambers of the American Congress have invited him to address the joint session of the Congress for the second time. So far only a few world leaders have received this honour. These include Winston Churchill, Nelson Mandela and Israeli Prime Ministers Benjamin Netanyahu and Yitzhak Rabin. Earlier, on June 8, 2016, Modi addressed a joint sitting of the US Parliament. Being given this honor again shows India’s growing influence at the international level.
Modi is visiting the US at a time when bilateral trade between the two countries has reached a record level of $191 billion. America is India’s largest trading partner. Interestingly, the trade balance in this is in favor of India. India is the ninth largest trading partner for the US. American companies have invested in India from manufacturing, telecommunications, consumer goods to aerospace. Indian companies have invested in IT, Pharma and Green Energy in America. US Secretary of State Antony Blinken said at the India Ideas Summit of the US-India Business Council (USIBC) on June 12 that Indian companies have given jobs to 425,000 people in the US from California to Georgia.
Leave America-Europe, now India is the boss of the world, if you don’t believe then see this ranking
Why India is important for America
In February, when Air India announced the purchase of 200 Boeing aircraft, US President Biden called it a historic deal that would support more than one million jobs in 44 states. It is clear that the friendship between India and America is in favor of both the countries. America has also increased friendship with India due to increasing tension with China. During the Corona period, the companies of the world including America came to know the importance of the fact that they cannot depend on a single country for the supply chain. This is the reason why these companies are now looking at India as an alternative. How serious India and America are to enhance their relations can be gauged from the fact that more than 50 bilateral dialogue mechanisms are going on at various levels.
Why America is important for India
It is also important for India to increase business relations with America in many ways. Most of all it is necessary from a strategic point of view. Due to the border dispute, our relations with China have not been going well for some time. However, this has not affected business relations much. But the balance of trade between the two countries is strongly in favor of China. There is very little export from India to China while there is a lot of import. On the other hand, the trade balance with America is in favor of India. India’s trade deficit with China is increasing continuously and there is a need to bridge this gap. This can be offset by increasing trade relations with the US. Friendship between India and America becomes more important in terms of reducing China’s supremacy and creating balance in the Indo-Pacific region.
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