India’s premier business chambers, Assocham (The Associated Chambers of Commerce and Industry of India) and FIEO (Federation of Indian Export Organisations), have welcomed Prime Minister Narendra Modi’s visit to the United States, hailing it as a landmark moment in enhancing bilateral trade and investment between the two nations.

The visit underscored India’s growing economic and strategic importance, strengthening its partnership with the US across various sectors such as defence, energy security, technology, AI infrastructure, and trade.

Experts believe that this visit will lead to increased market access, new investment opportunities, and a significant boost to India’s exports.

Strengthened India-US Strategic Partnership: Key Takeaways

Trade and Investment: Aiming for a $500 Billion Target by 2030

According to Assocham President Sanjay Nayar, Prime Minister Narendra Modi’s visit to Washington, DC, resulted in a joint statement reaffirming the commitment to deepening India-US trade ties. He emphasized that the ambitious goal of reaching $500 billion in bilateral trade by 2030 is well within reach, given the increasing momentum in economic cooperation between the two nations.

The proposed Bilateral Trade Agreement (BTA) is expected to open new trade and investment avenues, ensuring smoother cross-border transactions, increased market access, and streamlined supply chains.

Artificial Intelligence and Technology Collaboration

A major outcome of the visit is the development of a US-India roadmap for AI infrastructure, expected to be finalized by the end of 2024.

This collaboration will drive technological advancements in AI, cloud computing, cybersecurity, and digital trade, enhancing India’s position as a global tech hub.

With a particular focus on 5G infrastructure and IT cooperation, Indian tech firms will have greater opportunities to expand their presence in the US market.

Boost to the ‘Make in India’ Initiative and Export Growth

FIEO President Ashwani Kumar highlighted the positive implications of the visit for Indian exporters, especially in sectors such as technology, defence, and green energy.

He stated that US investments in India will help create new industries and employment opportunities, which will, in turn, enhance India’s manufacturing and export capabilities under the ‘Make in India’ program.

Key focus areas for expanding trade and investments include:

• Technology and digital infrastructure

• Healthcare and pharmaceutical industries

• Agriculture and food processing

• Textiles and apparel manufacturing

The anticipated Bilateral Trade Agreement (BTA) by Fall 2025 will further eliminate trade barriers, boost investor confidence, and enhance economic cooperation between the two countries.

US Investments in India: A New Growth Avenue

One of the most significant announcements made during the discussions was the commitment to increased US investments in India, particularly in:

• Renewable energy (solar, wind, and green hydrogen)

• Defence and aerospace

• Infrastructure development

• Technology and AI-driven industries

This influx of investments will create new business opportunities for Indian firms and strengthen India’s manufacturing ecosystem.

Conclusion

PM Modi’s visit to the United States marks a significant milestone in India-US trade and economic relations, with key takeaways in technology, defence, energy, and investment cooperation. The ambitious $500 billion bilateral trade target by 2030, along with the anticipated Bilateral Trade Agreement (BTA) by Fall 2025, sets the stage for a new era of collaboration.

With increased US investments in renewable energy, AI, infrastructure, and manufacturing, India is poised to strengthen its global trade position while boosting employment and industrial growth under the ‘Make in India’ initiative. The roadmap for AI infrastructure development will also enhance India's role as a technology hub.

As Assocham and FIEO highlight, these developments solidify India’s strategic ties with the US and create new export opportunities for Indian businesses. This visit is a turning point in India’s economic journey, reinforcing its position as a global powerhouse in trade and innovation.