An export promotion agency of the US government has apprised the US companies to cash in on the business opportunities provided by India particularly in the field of civil nuclear energy, estimated at about $150bn. The agency’s most compelling reason for prompting the US businesses to enter India is high returns on investments.
The report on investment opportunities across the globe is prepared by Export.Gov, the U.S. Government’s export promotion and finance portal. Export.Gov is a public-private venture that includes the US Department of Commerce’s International Trade Administration with 19 other federal agencies and a number of private sector companies.
The Press Trust of India has reported that the agency, which offers export assistance to the US companies on the behalf of the US government, had identified India as the ‘market of the month’. The US exports to India stood at $32.44bn in 2008, an 85 percent increase from the previous year. The US imports from India was $39.89bn in 2008, up 65 percent from the previous year.
The report stated India was a free-market democracy with a legal and regulatory framework that rewarded free enterprise, entrepreneurship and risk taking. The agency has identified prospective areas of investments besides civil nuclear energy, as renewable energy, aerospace and defense, mining and coal, security, healthcare, retail and auto.
The highly diversified Indian economy had shown rapid growth and remarkable resilience since 1991 while it integrated to the global economy, the report stated. The sustenance of growth during the global economic downturn at about 6 percent has largely helped India to become a safe investment destination in the world.
India with more than a billion people presented a wide range of lucrative and diverse opportunities for the US exporters. India’s requirements for equipment and services for major sectors such as energy, environmental, healthcare, transportation, infrastructure, high-tech and defense would exceed tens of billions of dollars in the medium-term as the Indian economy further globalizes and expands, it said.
It also noted that there was a growing trend in utilizing the US expertise in the fields of education, energy, environmental, engineering consulting, management consulting, retail and telecommunication apart from sourcing sophisticated, efficient products and equipment from the US. Besides, aerospace and defense sector also provided lucrative opportunities with India’s airline industry in the process of buying over 300 aircraft between 2007 and 2012.
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