Annual Report 2020-21
U.S.-India relations in 2020-2021 have emerged stronger through the pandemic and now look towards a new U.S. administration. Over the years, the bilateral relationship has become increasingly multifaceted, covering cooperation in the areas of healthcare, defense, trade, space, science and technology, nuclear energy, and climate and environment.
India-U.S. relations are thriving against the odds and remain critical for the shaping of world order in the 21st century. The India-U.S. relationship has proved resilient amid the immense changes underway in international politics.
In the past year, there has been a convergence of views between U.S. and India, not only on global issues but also in their financial vision as both the countries are natural allies and partners in progress.
The world economy has been showing signs of growth notwithstanding the rising trade protectionism and financial market volatility. The Indian economy, on the other hand, continues to be one of the fastest-growing. In the last 3 to 4 years, the Indian government has unveiled a string of reforms including two big bang reforms like the GST and demonetization which allowed the Indian economy to move into a cashless economy.
2017 is an exciting and landmark year for AMCHAM as we celebrate its Silver Jubilee. What began as the American Business Council 25 years ago with a small number of business leaders representing American companies, has grown and was renamed the American Chamber of Commerce in India.
Indo – U.S. trade in goods and services has grown rapidly in the past five years and today exceeds U.S. $ 100bn. U.S. investments in India are in the region of U.S. $ 11 bn and they form about 6% of the total FDI inflows into India.
Slowing down of the reform process, uncertainties created by retrospective tax amendments, lack of transparency, and undue delays in granting clearances to projects, compounded by weak global demand resulted in unsatisfactory economic growth rates in India.
In the energy Sector, India and the U.S. are working closely particularly in the area of providing clean energy technology.The other areas in which cooperation has taken off include space and security.