Washington, April 23 India is emerging as a key player in a global shift in supply chains, driven by efforts to reduce dependence on China, former US official Nisha Biswal said.
Biswal, Partner at The Asia Group and former US Assistant Secretary of State for South and Central Asian Affairs, said businesses are rethinking their strategies amid geopolitical and economic uncertainty.
“There has been enormous progress,” she said, noting that US-India trade has grown “from 50 billion… to… about 212 billion” even without a formal trade agreement.
Companies are now asking “what does a de-risking from China look like,” she said, adding that India’s market and talent pool are drawing interest.
“It is India’s moment in the economic space,” Biswal said, pointing to the country’s scale and resilience.
She said the US-India relationship is expanding beyond strategic ties to include a stronger commercial focus. There is growing attention in Washington on economic engagement and supply chain partnerships, she added.
Biswal said a trade agreement between the two countries is likely but may not be immediate. She said it could emerge as a phased arrangement rather than a comprehensive deal in the near term.
She identified energy, advanced technology and critical minerals as areas for deeper cooperation.
Biswal said global shocks, including geopolitical tensions and supply disruptions, are shaping economic decisions. India is navigating these challenges while maintaining growth momentum, she added.
Other speakers at the panel said domestic reforms will be key to sustaining growth.
Hemang Jani, Public Policy & Governance expert at the World Bank, said India needs to address skills gaps and low workforce participation. He described these as “binding constraints” on growth.
Ashok Malik, Partner at The Asia Group, said India has adjusted its trade policy after earlier agreements exposed vulnerabilities. “That did cause a recalibration of approach to trade,” he said.
Richard Rossow, Senior Adviser at CSIS, said state-level reforms are critical. “States run the country,” he said, pointing to infrastructure and regulatory issues that affect investment decisions.
The panel was part of the New India Conference in Washington, which brought together policymakers and analysts to discuss India’s economic outlook and US-India ties.
India’s growth comes as global supply chains shift and countries seek more resilient partnerships. The country’s large market and workforce have made it a key destination for investment.
Experts said the pace of economic reforms and deeper trade engagement with the United States will shape the next phase of India’s growth.
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