Panagariya will guide the Board of Directors on economic development, international trade policy, and economic reforms in India, the the US-India Strategic and Partnership Forum (USISPF) said in a statement.
"I am honoured to be able to serve this new organisation, which is well positioned to bring about some of the most effective change," he said.
"I look forward to working with USISPF's board, which is the best selection of business leaders who are focused on US- India relations. I believe we have the opportunity to contribute to the making of Prime Minister Narendra Modi's New India," Panagariya said.
The USISPF has carefully selected them in anticipation of combining their knowledge with the great influence of our board members, in order to make the most drastic impact on US-India relations, he said.
"This is a great opportunity to work with some of the most prominent leaders in the US-India space. I look forward to making good progress on US-India issues with USISPF and its Board Members," Sibal said.