Bullish about growth potential in India, a top US lawmaker today said bilateral trade between the two countries could jump from current $ 100 billion to $500 billion if the Modi government continues with reform initiatives and removes regulatory hurdles. Chairman of the powerful US House Foreign Relations Committee Ed Royce called the government's budget proposals "big jump" to boost economic growth and attract foreign investment into India.
"We are absolutely bullish on the opportunity for economic growth in India today. We looked at the changes that are occurring and we looked at the achievements and we believe that the bilateral trade could well be $$ 500 billion from current $ 100 billion," he told reporters. Hailing government's efforts to encourage infrastructure spending and decision to cut corporate tax by 5 per cent over the next four years, he said though budget proposals were not "quantum leap", they were big jump forward in revitalising the economy.