Nagesh Singh, consul general for India in Atlanta, said that despite being the world’s fifth largest economy, India remains a largely untapped market which has plenty of opportunities for partnerships with domestic companies. He added that India hopes to increase bilateral trade with the United States from $120 billion to $500 billion in 2025.
GSA Business Reports says that Singh outlined many areas of business opportunities in India:
- Defense – India is the second-largest importer of arms with an annual expenditure of $15 billion in 2016.
- Automotive – India is making strides to become the third-largest automotive market in the world by 2022. The country has a $300 billion market and produces only 20% of vehicles sold there.
- Infrastructure – India plans to spend $1 trillion by 2030 to upgrade roads, bridges and utilities.
- The country also represents a $600 billion retail market and a $120 billion aerospace market.
Singh noted that businesses in India plan to invest more in the United States. “India is becoming a very important part of providing direct investment to this country,” he said, adding that a recent survey of Indian businesses showed 90% of them want to invest more in the United States.
