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== Economic relations ==
The United States is one of India's largest direct investors. From 1991 to 2004, the stock of FDI inflow has increased from US$11 million to $344.4 million, and totaling $4.13 billion. This is a compound rate increase of 57.5 percent annually. Indian direct investments abroad began in 1992, and Indian corporations and registered partnership firms now can and do invest in businesses up to 100 percent of their net worth. India's largest outgoing investments are in the manufacturing sector, which accounts for 54.8 percent of the country's foreign investments. The second largest are in non-financial services (software development), accounting for 35.4 percent of investments. According to the data of the commerce ministry, in 2021–22, bilateral trade in goods between the two countries crossed $119.42 billion. Exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in previous fiscal year, while imports rose to $43.31 billion as compared to about $29 billion in 2020–21.<ref name="NDTV">{{cite web |title=US Becomes India's Biggest Trading Partner, Surpasses China |date=May 29, 2022 |url=https://www.ndtv.com/business/us-becomes-india-biggest-trading-partner-surpasses-china-3018969 |access-date=29 May 2022 |publisher=[[NDTV]]}}</ref>
{| class="wikitable"
|+US-India goods trade in millions of U.S. dollars (1990−2023)<ref>{{Cite web |last=US Census Bureau |first= |title=Trade in Goods with India |url=https://www.census.gov/foreign-trade/balance/c5330.html |access-date=2024-07-13 |website=www.census.gov |language=EN-US}}</ref>
!
!1990
!2000
!2010
!2015
!2016
!2017
!2018
!2019
!2020
!2021
!2022
!2023
|-
|US Exports to India
|2.5
|3.7
|19.2
|21.5
|21.6
|25.6
|33.2
|34.2
|27.1
|39.8
|46.9
|40.3
|-
|US Imports from India
|3.2
|10.7
|29.5
|44.8
|46.0
|48.5
|54.2
|57.9
|51.3
|73.3
|85.5
|83.7
|-
|Trade balance
|−0.7
|−7.0
|−10.3
|−24.4
|−24.4
|−22.9
|−21.1
|−23.7
|−24.2
|−33.5
|−38.6
|−43.3
|}
=== Trade relations ===
| |||