US India Business
India's Concerns about potential change to American immigration rules has been made known to Trump and U.S. lawmakers.
"[It] is a fact that these categories of workers are in short supply in the U.S.," said R Chandrashekhar, president of Nasscom, which represents India's software industry. Restricting H-1B visas would "have implications for both Indian companies and American corporations as well," he told CNNMoney.
To scale up the trade relationship, President Obama announced $4 billion in government-backed investments and lending to India - $1 billion would be used to finance exports of 'Made-in-America' products, while another $1 billion will be made available to small- and medium-sized enterprises in underserved rural areas of India. Investment worth $2 billion will be committed for renewable energy in India, President Obama told a gathering of 50-odd top business leaders.
U.S. and India are headed for a trade war over immigration and protectionism.
Ajay Banga's letter to Vice President Joe Biden detailing top line issues to strenght US-India economic ties
Ajay Banga, Chairman USIBC and President & CEO Mastercard Worldwide, suggested the following top line issues in his letter to US Vice President Joe Biden before his visit to India:
- Local ICT Manufacturing
- Intellectual Property
- Defense Trade
- Civil Nuclear Energy
- Bilateral Investment Treaty
The amount of two-way trade between India and the United States has quadrupled in just seven years -- from $25 billion in 2006 to about $100 billion in 2013, he said.
A senior Obama administration official said there was “no reason” that the current level of trade between the two countries could not be “five times as much.”
iPhone sales at mobile phone retail chains such as The Mobile Store and PlanetM have grown by 300% between January-June over the same period last year and the phone one of the top three selling smartphone model by value.
Watch Video: Terry McGraw, Chairman and Ron Somers, President of US-India Business Council speak about the US-India relationship with respect to trade and democracy. They say that the two-way trade between the two nations has risen to $100 bn since President Obama's victory from $25bn. They further expect it to grow to $500 bn by the end of this decade.