New Delhi: The National India Hub of USA was inaugurated here on Thursday with the aim of boosting India-US trade.
The India-USA trade touched USD 119 billion in 2021-22, including exports from India worth USD 76 billion (up 47 percent over the previous year) and imports worth USD 43 billion (up 50 percent), Dr. Jagat Shah, Director, India Hub, Ahmedabad, said in a statement. Trade in services with India (exports and imports) totaled an estimated USD 54.1 billion. Services, including exports of USD 24.3 billion and imports worth USD 29.7 billion. America is now a USD 25 trillion economy, with the potential of India- USA trade worth about USD 500 billion.
Prime Minister Narendra Modi is working towards making India reach a USD 5 trillion economy by 2025 and become a developed nation by 2047, he said.
Keeping these macro goals in mind, National India Hub in Chicago has become operational for facilitating trade, education, healthcare, technology, legal services, culture promotion, and travel between the two countries.
The National India Hub is an initiative of NCAIA & NRI SEVA Foundation along with partner organizations that formed the Indian Task Force to support the Indian community. “Our goal at India Hub is to unite, celebrate and help each other,” Dr. Shah said.
On Thursday, the National India hub of USA was launched in New Delhi in the presence of Rahul Kaswan, MP, Ausaf Saheed, Secretary (Consular, Passport, Visa & Overseas Indian Affairs, Ministry of External Affairs) and Ms. Anu Peshawaria, an Indian American US Immigration lawyer, author, activist, and philanthropist who founded several non-profits.
On the trade front, the focus of the National India Hub in India will be the promotion of two-way trade, joint ventures, technology transfer, and two-way investments. These goals will be achieved through many activities.