US industry welcomes economic India’s reforms: Finance Minister Sitharaman

New Delhi: – The United States has surpassed China as India’s largest trading partner from January to September. In the first nine months of this year, trade between India and the United States grew by 50% to 28 billion. The information coming at a time when Indian Finance Minister Nirmala Sitharaman is on a visit to the United States becomes significant. Finance Minister Sitharaman said that the US and the US industry have welcomed India’s economic reforms.

Union Finance Minister Sitharaman is on a visit to the United States, and her interactions with dignitaries in the US industry are essential. Finance Minister Sitharaman discussed with US Treasury Secretary Janet Yellen. Finance Minister Sitharaman also held discussions with senior officials of the World Bank and the International Monetary Fund. It is learnt that Finance Minister Sitharaman, who is on a visit to the United States for a meeting of G20 Finance Ministers, has held 25 bilateral talks.

Sitharaman said the Indian reforms, on the economic front, are being welcomed. Sitharaman said the Biden administration in the United States and major US companies welcomed Indian reforms. In particular, US companies have claimed that the Indian decision to withdraw retrospective tax is a very positive step. The Union Finance Minister has hinted that huge investments will flow into India shortly.

The Union Finance Minister claimed that the purpose of his visit to the US was to attract large investments in India and that there was a good response. Meanwhile, the effects of these reforms on India’s economic front are beginning to show. It is becoming clear that the trade partnership between India and the United States is getting stronger with each passing day. In the first nine months of this year, the US has surpassed China to become India’s largest trading partner.

India’s trade with China was adversely affected because of the tensions created by the Chinese incursion into Ladakh’s Line of Actual Control. China has consistently called on India not to allow border disputes to affect trade. But India is warning that China will not get trade concessions unless it establishes peace and harmony on the border. This has led to a decline in India’s trade with China, and on the other hand, there is a significant increase in India’s trade with the United States and other countries.