For quite a long time, like their geographical positions on earth , exactly opposite to each other, America and India had remained oblivious or rather opposite to each other. Mother earth has placed America and India in direct contrast to each other. If its daytime in India then its night in America. If oyu embark on a journey by making a hole in the earth from India you will end up in America. If you are looking for America on a Globe, you cannot locate India; its out of sight. However in the globalization era the difference in time zones have become irrelevant factor. The world has shrunk to a global village; so have the differences between America and India. Today, India and America share a ‘transformed relationship’. Bilateral relationships between the two countries are being elevated on all fronts. Contrary to the public opinion the US-INDO relationship is not limited either to the US-INDO Civil Nuclear Co-operation Agreement or end with the next step in US-INDO Strategic Relations ( of which the nuclear deal is a significant one ) are backed up by a bigger engagement in the field of business, transport, energy, research and development and space co-operation.
The first and foremost bilateral spectrum in US and INDIA has been witnessed among the business communities of two countries. While two-way trade and investment have been growing at a steady clip, the announcement and subsequent passage of the bill on Co-operation in Civil Nuclear Energy, intended to remove the last vestiges of the adversal relations between the two countries, have taken business relations to a new level. US is one of the largest direct foreign investor in INDIA. Cumulative FDI inflows into INDIA since march 2008 was $7255 million. FDI inflows from USA constitute about 12 percent of actual FDI inflows into Indian in rupee terms. The sectors attracting FDI from USA are:Fuels (Power & Oil refineries ), Telecommunications (radio paging,cellular mobile & basic telephone services, Electrical Equipment including Computer Software & Electronics, Food processing Industries ( Food product and marine products ), and Service sector. In portfolio investment, USA is the leading investor. Currently out of 1030 FIIs 388 are us based. Trade and commerce form a crucial component in the rapidly expanding and multifaceted relations between US and INDIA. From a modest $5.6 billions in 1990, the bilateral trade in merchandise goods has increased to $41.62 billion in 2007-08 representing an impressive 743% growth in a span of 17 years.INDIA’s merchandise exports to the USA grew at 10.05% from US $21.83 billion in 2006 to US $24.02 billion in 2007. US exports of merchandise to INDIA increased from US $ 10.06 billion in 2006 to US $ 17.59 billion in 2007, an increase of 74.94%