India’s trade surplus with the United States could cross 90 billion dollars annually after the new trade deal. This may also lead to an additional surplus of at least 45 billion dollars per year. A research report released today by the State Bank of India (SBI) said this increase is equal to 1.1 per cent of India’s GDP. It could also result in savings of 3 billion dollars in foreign exchange reserves. SBI Chief Economic Adviser Soumya Kanti Ghosh has said that, as per preliminary estimates, Indian exporters may raise exports of the top 15 items to the US by 97 billion dollars in a year.
Including other items, the potential increase can easily cross 100 billion dollars. He added that India’s trade surplus with the US stood at 40.9 billion dollars last year. It can now rise to over 90 billion dollars annually. The report also highlighted the recent trade deal with the European Union. It said the agreement has opened up a 260 billion dollar textile market to India with zero duty on textile imports.
