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PTI / The Hindu.
U.S. Assistant Secretary of State Robert Blake meets children at Kalighat in Kolkata on Friday. India’s growth resulted in a positive spill-over effect for the U.S. between 2002-2009, he said. Photo: Sushanta Patronobish.
U.S. Assistant Secretary of State Robert O. Blake on Friday said the future of Indian economy seems very bright and the country is likely to become the world’s third largest economy by 2030, and the largest by 2050.
He added, “The incredible growth of India’s economy has resulted in positive spill-over effect for the U.S. between 2002-2009, U.S. goods exports to India quadrupled, growing from $4.1 billion to more than $16.4 billion in 2009.”
“U.S. services exports to India more than tripled from $3.2 billion to $9.9 billion during the period,” he said.
Last year, U.S.-India trade in goods broke a record with U.S. exports increasing by 17 per cent and U.S. imports from India rising by 40 per cent, he said during a seminar, ‘West Bengal and Beyond: U.S.-India business links and prospects” in Kolkata.
“This surge of nearly 30 per cent to a high of $48.8 billion in goods trade moved India up two notches to become our 12th largest goods trading partner. This positive trend continues, with two-way trade up 19 per cent in the first quarter of 2011, over the same period last year,” he said.
Let this not go into our heads and lose our direction!
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