India's forex reserves jump $10.5 billion to over two-month high of $692.87 billion as of July 31

American businesses are strengthening their ties with India, with bilateral trade between the two nations surging by more than twelve times over the past decade, surpassing the $240 billion mark, according to US Ambassador to India Sergio Gor. Ten years ago, trade between the two countries stood at $20 billion. Gor emphasized that these figures represent tangible achievements and underscore the potential for further growth.

Gor attributed the rising presence of US firms in India to the confidence American businesses have in India's long-term growth prospects. He reiterated his country's commitment to working with India, stating that the interest from American companies continues to grow. Gor highlighted the rapid pace of corporate engagement, stating that he met representatives from several major American and global companies in the past 24 hours, including Meta, Rolls-Royce, and Netflix.

The envoy reported that American companies are visiting the US Embassy in India daily to explore investment opportunities in the country. Every day, he said, he receives inquiries from American businesses asking if India is the right place for them to operate. Gor noted that the strength of the bilateral relationship is evident in the swift expansion of trade between the two nations.

Additionally, Gor pointed out that India conducts more military exercises with the US than any other country and that nearly 40% of generic pharmaceuticals used in the US are sourced from India. He emphasized that these developments exemplify the growing trust and confidence between the two nations, highlighting the expanding commercial and strategic cooperation between the US and India.