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‘Indo-US bilateral trade will register faster growth’

Mumbai (PTI): US Secretary of Commerce Penny Pritzker said the Indo-US bilateral trade, which stood at $96 billion last fiscal, has scope for faster growth and should grow in “multiples” from here on.

She said according to an estimate, India will need a staggering $1.7 trillion in investments in the infrastructure space till 2020 as its economic growth gathers pace and the resultant rapid urbanisation.

“We have a great stake in each other and want investments to travel in both the directions,” she said, noting that bilateral trade has grown five-fold to $96 billion since 2000.

Within the infrastructure space, she said interventions have to be made in roads, power, ports, railheads, airports, water and sewage treatment plants.

Specifically identifying the power sector for enhanced cooperation, Pritzker said nearly 400 million people in India live without electricity.

On manufacturing, she said the US commerce department can offer know-how from its experience of creating the national manufacturing extension partnership network. The India-US strategic dialogue starting tomorrow will cover a wide range of issues with focus on “early wins” that will build momentum for the expanding economic ties, Pritzker said.

“Our objective on the economic front is to try to re- invigorate the economic relationship between our two countries and to look for early wins where there is an opportunity for us to build momentum as opposed to focus on where the challenges are,” she said.

“The conversation over the next couple of days is really wide ranging, it’s a strategic dialogue,” Pritzker said.

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