Rajnath Singh, Union Home Minister, will inaugurate a two day Indo-American Chamber of Commerce Conclave here on June 3 focusing on Increasing US India Trade to $ 500 Billion, up from about $ 100 billion now.

During the two-day Conclave, where more than 300 delegates are expected to take part, a IACC Study paper on “Road Map to $ 500 Billion Indo-US Trade Relations” will be released by Akhil Bansal, Deputy CEO, KPMG in India.

The objective of the conclave is to promote Indo-American business, trade and economic relations. In its four decades of existence, IACC established operational connectivity with a host of business, research and developmental institutions in India and US in order to leverage each other's capabilities for enhancing India-US business relations.

For Indo-US trade to grow to $ 500 billion over the next few years, a big boost is needed. For the past 10 years, Indo-US merchandise trade has grown at a CAGR (compounded annual growth rate) of 13 per cent. A linear growth in trade will not be enough to enable this envisioned growth. Given the complexity and challenges that India faces and the reforms required in infrastructure, resources and policies, its key sectors must experience exponential growth.

Currently, Indo-US trade stands at $ 100 billion. To achieve the target of $ 500 billion, it will require a concerted effort to accelerate the trade growth. Infrastructure and logistics, aerospace and defence, energy, services and manufacturing are seen as core growth areas.

A special session on Aerospace and MRO will be held during the event.

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