Ahead of the US President Barack Obama'a India visit, industry body CII has identified areas like Make in India, defence co-production, Digital India, higher education and skills training to deepen bilateral ties.
It also said the US needs to understand India's development concerns particularly on areas such as food security, job creation, and the country's need to drive the industry as an instrument of economic progress.
"US companies can play a role in using India as a gateway for exporting to countries in Asia and beyond, leveraging India's FTAs (free trade agreements) in Asia. Industry could partner with Government of India to organise Make in India roadshows across the US, where the value of manufacturing in India could be clearly demonstrated," CII said in its US-India report.
Other areas identified for mutual collaboration include Clean India, development of industrial corridors, engaging small and medium enterprises, joint R & D, attracting infrastructure investments, infrastructure financing, technology, renewable energy and Smart Cities.
"The perception in the US seems to be that India is curtailing market access for US companies. Issues such as the civil nuclear agreement, FDI in multi-brand retail, taxation demands and others are gaining mind space in the US administration, and US companies have pushed their own agenda substantially to the detriment of the overall relationship".
"This has resulted in Congressional and trade enquiries into Indian trade practices, placing the country on a wrong footing. There appears to be insufficient understanding of India's development concerns particularly on areas such as food security, job creation, and need to drive industry as an instrument of economic progress," CII said.
According to the Department of Industrial Policy and Promotion, Commerce Ministry, America's FDI in India totaled USD 13.3 billion between April 2000 and November 2014. The US is the fifth largest source of FDI in the country. Most large US companies have a footprint in India.
However, in the last three years (2010-11 to 2013-14), only USD 1.6 billion worth of FDI came into India from the US. The trend has shown a reversal in 2014 with USD 1.36 billion coming in between April-November 2014 alone.
