Global consultancy KPMG on Friday highlighted how structural changes and Government initiatives such as Digital India, Make in India, Smart Cities Mission and opportunities in financial services and aerospace and defence, can play a major role to achieve $500 billion in bilateral trade between India and US, from $100 billion now.
In a report “India-US trade a formidable economic force- the way forward’ released at the Indo-American Chamber of Commerce national conclave here, KPMG said there is a natural alliance between the world’s two large democracies and in the last few years both the nations have taken significant steps to further enhance political and economic ties.
After releasing the report in the presence of Home Minister Rajnath Singh, Akhil Bansal, Deputy CEO, KPMG in India, said that India is witness to rapid pace of structural changes, which will attract global investing community. The IMF has predicted a sustained growth of the economy over the next 4-5 years, all pointing towards its attractiveness.”
As a knowledge partner for IACC, KPMG believes that all the major US conglomerates have significant presence in India and have successful growing businesses. Similarly, Indian companies are increasing their footprint in the US market, as it offers opportunities.
Over the next few years, India is likely to emerge as one of the top aviation markets in the world, presenting opportunities in aerospace, maintenance, repair and overhaul sectors. The US as a technical power hub can be a major beneficiary.
However, it says though the future looks very promising, full of hope and opportunities, it is not an easy task. There are various impediments which could derail or prolong the journey of economic success of India. These include challenging taxation and regulatory policies, slow pace of infrastructure development and issues in the states and at the ground level.
Earlier, Chris Hickma, CEO and President of Innovari, said, “Few years ago, BRICS nations were in limelight, where India was among them where the world would look upon for new opportunities. But in the past few quarters things have changed significantly and now only India is on everyone’s priority list for the near 8 per cent growth it is registering and is seen to have potential to hit double-digit growth rate.”