A research by the industry group PHDCCI predicts that commerce between India and the US will increase by roughly 60% from USD 188 billion in 2022–2023 to USD 300 billion in 2026–2027. The Research Bureau of PHDCCI created the paper titled "The India-US Bilateral Relations: Steady Strides into the Future."
By combining goods and services, India's exports to the US climbed from USD 82 billion in the fiscal year 2018–19 to USD 111 billion in the following year. According to the industry body's research, the amount of imports (goods and services) from India to the US climbed from USD 58 billion in 2018–19 to USD 76 billion in 2022–23.
The strongest bilateral cooperation between India and the US in forums like the G20, Quad, and IPEF (Indo-Pacific Economic Framework for Prosperity) shows that the two largest democracies, not only work closely together in trade but also share a common interest in advancing global economic prosperity, according to Saket Dalmia, President of the PHD Chamber of Commerce and Industry.
Prime Minister Narendra Modi traveled to the US from June 21 to June 23, 2023, with the intention of fostering even closer connections between the two nations.
Among the most important outcomes of PM Modi's visit to the US and his bilateral meeting with President Joe Biden were the co-production of jet engines for the Indian Air Force, defense industrial collaboration, space sector cooperation, semiconductor supply chain and innovation partnership, and collaboration in emerging artificial intelligence technology.