Why is it in news?
- India has committed to purchase $5 billion worth of oil and gas from the U.S. annually, and $18 billion worth of defence equipment that are under implementation.
More in news
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Data points :(1) The United States is India largest trading partner and India is among top 10 of US’s trading partners.(2) U.S. export to India has gone up by at least 30%.(3) Bilateral trade between the countries ”” goods and services ”” rose from $119 billion two years ago to end the year in 2018 at $140 billion.(4) Indian students in the United States ”” 227,000 now ”“ contribute an estimated $6.5 billion to the American academic sector.
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Scaling up imports from US: India plans to scale up its buys ”” which stood at $3.8 billion in 2018, including bitumen substitute and mineral wax.
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Solution to trade deficit: Indian purchases of US oil and gas and the aircraft are expected to cut the deficit US having over the years.
Source
The Hindu, Hindustan times