Technology key to future Indo-US ties: Sandhu

‘This has been a “momentous year” for India-US trade and economic relations,’ say the Indian envoy.

This has been a "momentous year" for India-US trade and economic relations, New Delhi's top diplomat here said Thursday, June 9, 2022, underlining the "enormous" potential of the economic partnership between the two countries.

India's Ambassador to the United States, Taranjit Singh Sandhu said, "Last year we did hit a historic high of more than US$160 billion in India-US bilateral trade. Do keep in mind that we were able to achieve this during the pandemic without any formal trade agreement and despite supply chain disruptions."

Mr. Sandhu was speaking at a reception organised for a business delegation from the Fairfax County of Virginia, which has a strong relationship with India. "This has been a momentous year for India-US trade and economic relations."

The two-way investments also remain equally robust, said the Ambassador. "With 200 Indian companies present in the United States and more than 2000 US Companies in India, the potential of the economic partnership between our countries is an enormous one," he said.

India-Virginia trade stood at USD 1.65 billion in 2019 and is estimated to have grown by over 15 percent since then, he said.

India’s exports to Virginia stood at USD 644.44 million and imports from Virginia stood at USD 1.01 billion. Top items of exports from Virginia to India are -- minerals and ores; waste and scrap; chemicals; computer and electronic products; and petroleum & coal products.

Top items of exports from India to Virginia are: Textile mill products; chemicals; apparel manufacturing products; transportation equipment; and electrical equipment, appliances and components.