What's Happening?
Ever since Covid-19, India has emerged as a trusted trading partner. Global firms have turned their attention towards India to reduce their dependence on China for their supplies. According to the data of the Commerce Ministry, in 2021-22, the bilateral trade between the US and India stood at $119.42 billion against $80.51 billion in 2020-21. Earlier this year, the US imported mangoes and pomegranate from India, while our country imported cherries and alfalfa hay from the US. Trade experts believe that increasing bilateral trade with the US will continue in the coming years as New Delhi and Washington are engaged in further strengthening the economic ties.
China was India's top trading partner from 2013-14 till 2017-18 and 2020-21. Before China, UAE was India's biggest trading partner. Now, it's the US.
Should This Bother Us?
This signals a positive relationship between India and the US. The bilateral ties between the two will further deepen in the coming years, strengthening economic ties. Strong relations with America will help India in growing its GDP.
What Lies Ahead?
India is the fastest-growing economy with unparalleled population growth. Ties with America will nurture India's technology, manufacturing, trade and investment space. It will create opportunities in several sectors, further boosting employment. Small businesses are expected to flourish, helping our country.
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