Indo-US Services Trade Likely To Grow To $150 Bln. By 2015
11/30/2009 12:44 AM ET
(RTTNews) -
The Indo-US services trade is likely to grow to $150 billion by 2015, media reports said, citing an estimate of Confederation of Indian Industry or CII.
Currently, India's total engagement with the U.S. is over $60 billion out of which about $40 billion are accounted for by the merchandise trade. The services exports to the U.S. touched $22 billion in the last fiscal.
According to the study, with the growing demand for services in the U.S. and the anticipated growth in demand for outsourcing from American corporations, the country should expect a larger market access in this sector. The CII also noted several hindrances to the bilateral trade and called for U.S. removal of trade restrictions and production subsidies to offset the impact of global economic crisis.
Moreover, the removal of Generalized System of Preferences has adversely impacted India's labor-intensive gold jewellery, diamond and brass products. The U.S. is a major market for these products.
The study also expressed concerns on the movement of professionals and non-recognition of Indian professionals in the U.S.
by RTT Staff Writer
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