BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
logo
Breaking News

China's 'trade bigotry' rein, America becomes India's largest trading partner country

Tuesday - February 25, 2020 11:47 am , Category : WTN SPECIAL
Business relations between India and America increases
Business relations between India and America increases

Increasing business relations to give India-American relations a 'new direction' 

FEB 25 (WTN) - As you know that the Indian economy has become the fifth largest economy in the world. The Indian economy has achieved this position by beating the economy of France and Britain. The Modi government is also engaged in strengthening the country's economy. And on this basis, Prime Minister Modi's dream is that by 2025, the Indian economy should become a 5 trillion dollar economy. However, the Indian economy has to face challenges from time to time due to various other domestic and international reasons, including the global economic slowdown. Still, the Indian economy is so strong in itself, that the Indian economy is slowly but moving steadily forward to achieve its goal.

You must be aware that imports and exports contribute a lot to the economy of any country. At the same time, you must also know that most of the trade between the countries of the world happened in US dollars. That is, if a country's trade with America is in profit, it can be said that such a situation is beneficial for that country's economy. For your information, let us know that the result of the continuous efforts of the Modi government is that America has now overtaken China and has become India's largest trading partner country. It would have been clear that the trade relations between India and America are becoming stronger. Statistics show that China had been India's largest trading partner from FY 2013-14 to 2017-18, whereas the United Arab Emirates held the status before China.

Let us know that according to the data of the Ministry of Commerce, there was a bilateral trade of $ 87.95 billion between India and the US in the FY 2018-19. At the same time, India's bilateral trade with China was $ 87.07 billion. Similarly, during the period April to December in the financial year 2019-20, India's bilateral trade with the US stood at $ 68 billion, while India and China had bilateral trade at $ 64.96 billion in the same period.

Experts of international trade believe that the way efforts are being made to increase economic relations between India and the US, trade between India and America may increase even more in the coming time. On the other hand, due to the spread of Coronavirus infection in China, India's trade with China may be reduced for some time in the future. As far as the trade relations with the US are concerned, for your information, let us know that if there is a free trade agreement between India and the United States, it will keep the bilateral trade to a different level between these two countries. 

Some experts believe that if India has a free trade agreement with the US, it will benefit India a lot. This is why because America is the largest market for Indian goods and services. Statistics show that both exports and imports between India and America are increasing, while both imports and exports of India are decreasing with China.

As far as the free trade agreement with the US is concerned, some experts believe that the Indian government should consider the Free Trade Agreement with the US very thoughtfully because America is a very big trading country. It may be that under the Free Trade Agreement, America will gradually monopolize the Indian market with its goods, as China has done for years. Experts believe that America is a major producer and exporter of commodities like corn and soybean. If India entered into a Free Trade Agreement with the US, it could cause the Indian farmers to suffer.

As we told you before, America has now become the largest trading partner country of India, beating China. At the same time, let us know that America is one of the few countries with which India is in the trade plus situation. For your information, let us know that in the year 2018-19, India suffered a loss of $ 53.56 billion in trade with China, while India was in a profit of $ 16.85 billion in trade with the US in the same period. 

Nearly 4 million Indians are contributing to the progress of America. As far as the service sector is concerned, Indian computer engineers and other professionals are achieving success on the strength of their talent in America. CEOs of the biggest companies of the world, like Google and Microsoft, are of Indian origin. In such a situation, the contribution of Indian people in the service sector to the US is commendable, but now that the trade relations between these two countries are increasing, it has to be seen how much benefit India can take in the trade of goods.