India hopes to strengthen its economic relationship with the United States by engaging with the incoming Trump administration, Indian Commerce Minister Piyush Goyal told reporters in New Delhi on Friday.
“We expect a very deep and substantial engagement with the new US administration,” the commerce minister said, noting that under Prime Minister Narendra Modi, India has strengthened bilateral relations with successive US administrations, including those led by Barack Obama, Donald Trump and Joe Biden.
Bilateral trade between India and the United States, India’s largest trading partner, crossed $118 billion in 2023/24, with India posting a trade surplus of $32 billion.
Industry estimates suggest trade could grow by an additional $50 billion within two to three years, underscoring the significant potential for stronger economic cooperation.
The government and industry groups favor a broader trade and investment pact with the United States to help Indian manufacturers integrate into global supply chains, while maintaining policy flexibility to safeguard national interests.
Goyal said India’s trade in goods and services is expected to surpass $800 billion in fiscal year 2024/25, which ends in March.
As it seeks to protect its manufacturers from potential U.S. tariff increases on their exports, India is exploring ways to strengthen ties with Washington as Trump has threatened 60 percent tariffs and other restrictions on imports from China.
