NEWS 06-09-2023. INDIA - US RELATION ECONOMIC RELATIONS *On account of increasing economic and Military ties, US has emerged as India's biggest trading partner in 2022-23.* *The bilateral trade between India and the U.S. has increased by 7.65% to USD 128.55 in 2022-23* *Exports to the US has risen by 2.81% to USD 78.31 billion, while imports has grown by about 16% to USD 50.24 billion.* *India has also joined the US-led Indo-Pacific Economic* *Framework for Prosperity (IPEF) in order to make a recession free country. India has a trade surplus of USD 32.8 billion with the US.* *DEFENSE INDUSTRY COOPERATION* *The roadmap for 'Defence *Industrial Cooperation' has been concluded between India and the US, guiding their policy direction for the next few years.* *Both countries have discussed the deal for assembling General Electric GE-414 engines in India.* *The armed forces of India and the US engage in extensive bilateral military exercises (Yuddha Abyas, Vajra Prahar) and minilateral ones with the four partners in the Quad Forum (Malabar).* *A new group referred to as I2U2 has evolved, involving India, Israel, UAE and the US is being termed as the new Quad.* DEVELOPMENTS *Micron Technology (a US company) will invest around USD 2.75 billion in the next five years to build a new semiconductor assembly and test facility in India.* *The biggest takeaway is the deal between General Electric Aerospace and HAL to manufacture under licence GE’s F414 engine for India’s light combat aircraft.* *A co-developed set up, with heavy investment of USD 400 million in 4 years to set up a collaborative engineering centre along with the training of 60,000 Indian engineers.* < < Back