India-US trade likely to touch $300 billion in 2026-27: PHDCCI

New Delhi, July 28 (KNN) India-USA trade is expected to touch USD 300 billion in 2026-27 from its current trade of USD 188 billion in 2022-23,  the PHD Chamber of Commerce and Industry (PHDCCI) said in a report on Thursday.

The report titled “India-USA Bilateral Relations: Steady Strides into the Future”  points out that the volume of exports (merchandise + services) from India to the USA has increased from USD 82 billion in FY 2018-19 to USD 111 billion in FY 2022-23.

The volume of imports (merchandise + services) from India to the USA has increased from USD 58 billion in FY 2018-19 to USD 76 billion in FY 2022-23, the industry body stated.

It points out that both the economies occupy a significant position in the world economy with a combined contribution of around 29 per cent in the world GDP.

Saket Dalmia, President, PHD Chamber of Commerce and Industry in a statement said, "India and USA, the two largest democracies, are not only collaborating closely in trade but also possess common interests in promoting global economic prosperity which is evident from the strong bilateral cooperation between them in forums like G20, Quad, and IPEF (Indo-Pacific Economic Framework for Prosperity).”

Highlighting how such a strong trade relation impacts SMEs positively, Dalmia added that a wide variety of sectors including trade, investment and education would help in taking the journey of such enterprises forward.  (KNN Bureau)