There are major changes about to take place both in India and the US. While a new head of state will be declared in the US in less than a week's time, India could also have a new government in early 2009. However, will these political changes affect the current trade ties between the US and India? What are the hurdles and what will provide that much needed boost to the Indo-US bilateral relationship?
The present moment will be etched in the memory of millions of people across the globe, a historical one that promises to take the Indo-US relationship to new heights.
Experts project $150 billion worth of business between India and US companies over the next 30 years following the signing of the Indo-US nuke deal.
Although there are barriers between projections and reality on the ground, some of which include high taxes and tariffs and discriminatory treatment of imports in India, the Indo-US trade which was nearly $42 billion in 2007, is expected to touch $60 bilion in 2008 and a whopping $100 billion in three to four years.
Currently diamonds, precious stones, textiles and engineering goods feature in India’s export list to the US. But with the dotted line being signed on the critical 123 agreement and with a series of agreements being signed in energy, agriculture, trade, investment and open sky policies, the trade balance may tilt in favour of some unconventional business sectors, giving that much needed boost to the Indo-US bilateral relationship.