3.5 Lakh Jobs Created by U.S. Firms in India during 2007-11
As per her figures, U.S. exports to India have increased by four times, and imports from India have gone up by 1.8 times. She added that, in spite of the encouraging signs, India was still languishing at the 13th spot with respect to the volume of trade with the U.S and given the enormous size of the economy there is a huge scope for improvement.
Earlier, K. Shiva Shanmugam, the current FKCCI president, said that Karnataka enjoys a special privilege in the trade ties between the two nations and added that the State has surfaced as the third largest investment destination in India by receiving $9,761 Mn worth of foreign direct investment (FDI) during 2011-12.
Promoting ‘Brand Bangalore’ to the visiting delegation, Shanmugam said the city houses the largest bio-cluster of 195 companies’ and generates revenues worth $170 million. The FKCCI President added that given the volume of trade being generated out of the city, the Silicon Valley of India should be given special status and must have larger consular presence, starting with a U.S. visa consulate.
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