(a) the status and parameters of economic relationship existing between India and
the United States as on date;
(b) the details of concessions given and benefits accrued therefrom; and
(c) the details of the future action plan formulated in this regard?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) India and USA enjoy close economic cooperation on a wide range of issues. This cooperation
is characterized by the growing bilateral trade and investment. The India-U.S. bilateral trade
in goods touched USD 57.7 billion in 2011, registering growth of 18.47% over the same period in
2010. Indian exports accounted for USD 36.1 billion, resulting in trade surplus of around USD
14.5 billion. Total Foreign Direct Investment inflow from USA into India during 2011-12 amounted
to USD 1.11 billion and Indian direct investment into US during 2011-12 amounted to USD 0.97
billion.
(b) India`s economic policies are guided solely by national interest and economic development
goals. No concessions are given by India to the US. However, India and the US hold regular
consultations, including through their bilateral economic forums on the global economic
environment, multilateral trade negotiations and mutually beneficial opportunities for further
expansion in their strong and growing investment and trade ties in goods as well as service
sector.
(c) India looks forward to continue the engagement with the US Administration on economic and,
commercial issues. During the third annual meeting of Indo-US Economic and Financial Partnership
held in New Delhi on Oct 9, 2012 both sides agreed to deepen their cooperation bilaterally and
in multilateral fora, including the G-20 to contribute towards steering the global economy
out of uncertainties and achieve strong, sustainable and balanced growth. Both sides also agreed
to expand cooperation to deepen capital markets, strengthen financial regulation and to
strengthen cooperation to combat money laundering and terrorist financing. Deputy USTR visited
India on 4-10 December, 2012 and held talks with Indian officials on bilateral trade issues.
The two sides are working to hold the next meeting of Trade Policy Forum in New Delhi in early
2013.