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CII study foresees bright future for Indo-US trade
New Delhi, Nov 30: A new study by Confederation of Indian Industry (CII) titled, 'India and the United States: Trade and Investment Analysis', has predicted that the Indo-US service trade would surpass USD 150 billion figure by 2015.
The growing trade services between the two countries which sustained its strength even during the global economic slump is expected to grow further and faster than the bilateral merchandise trade.
The study which highlights the recent trends in investment and trade between the two economic giants and proposes an agenda for deeper integration, also points out various concerns that are hindering a greater economic engagement between the two nations.
US is India's second largest export market and the 20pc slump in exports recorded during the economic crisis has affected over 150 million people in the sector. Therefore, US has to rethink and remove trade restrictions and production subsidies introduced temporarily to counteract the effects of the crisis, CII study notes.
India also gains heavily from US" Generalized System of Preferences (GSP) program, which is designed to aid economic growth in the developing world by providing preferential duty-free entry for about 4,800 products, as 22pc of the Indian exports fall under the scheme.
Due to the sudden withdrawal of the GSP benefit, labour-intensive industries like gold jewellery, diamonds and brass products have been severely affected and therefore the study recommends the reinstatement of the GSP benefits.
Drawing attention to the concern regarding movement of professionals and non-recognition of Indian professional qualifications in US, the CII study calls for recognition of Indian professional qualifications as laid down by international organization.
Finding that the India"s FDI outflow to the US outgrew inflow from the US in 2008, CII study encourages US investments in critical sectors as this would help in building synergies between the two largest democracies in the world.
OneIndia News
