US will continue to be key market for Indian services, products: Report

The US will continue to be an important market for India's services and products which contribute to the competitiveness of American corporations, according to a KPMG-USIBC report released Friday.

"The energies and aspirations of Indian companies and citizens, combined with the reforms implemented and to come, will drive India to achieve the ambition of becoming a USD 5 trillion economy by 2022 and alongside lift US India commercial engagement as a participant in this growth," Arun Kumar, chairman and CEO, KPMG in India, said.

According to the report, sectors like aerospace and defence, agriculture, education and tourism, energy, healthcare, infrastructure, manufacturing and digitalisation are major areas for India-US collaboration.

The report by the US-India Business Council (USIBC) and KPMG discusses the need for action-based collaboration between the two nations to take economic partnership to the next level and highlights sectors having potential for collaboration.

"India's progress in ease of doing business and the long-term sustainable reforms represented by the Goods and Services Tax and the Insolvency and Bankruptcy Code have been noted by US corporations as well as domestic ones. They will add to the productivity and competitiveness of the economy," Kumar said.

He said India is playing an increasing role in the innovation and development dimensions of US companies.