NEW DELHI: India and the United States have set an ambitious goal to double bilateral trade to $500 billion by 2030, reinforcing their economic partnership with new strategic initiatives in technology, defence, and commerce.
Indian Foreign Secretary Vikram Misri announced the decision, highlighting the launch of the US-India Compact for the 21st Century, a framework designed to deepen military collaboration, accelerate trade, and drive technological advancements between the two nations.
As part of this strengthened alliance, both countries are working towards finalising a new 10-year framework for the US-India Major Defence Partnership (2025–2035). This agreement aims to expand defence cooperation, boost military capabilities, and streamline defence procurement and co-production efforts. Discussions are underway to finalise deals for land and air systems to enhance joint military capabilities.
Technology cooperation remains a crucial pillar of this expanded partnership, with India and the US focusing on semiconductors, artificial intelligence, and critical emerging technologies. The agreement seeks to boost innovation, facilitate investment, and create new job opportunities in both countries.
The economic ties between India and the US have been steadily strengthening, with bilateral trade reaching over $190 billion in 2022. The new $500 billion target signals a commitment to removing trade barriers, expanding market access, and enhancing supply chain resilience.
This trade and technology roadmap is expected to unlock significant economic opportunities, reinforcing India’s role as a key global manufacturing and tech hub while deepening its strategic ties with the US.
