Prior to the economic disruption caused by COVID-19, bilateral trade in goods and services in 2019, reached a peak of nearly USD 150 billion and CII hopes this will continue to rise in the years to come, he added.
"We can aim higher to our shared goal of USD 500 billion through a new era of revitalised economic cooperation, which would be comprehensive, complementary and collaborative," Banerjee said.
The key sectors to watch for enhanced business cooperation will be energy and the green economy, defence and manufacturing, especially providing a boost to small business cooperation, as well as pharmaceuticals and healthcare - all driven by India and the US' new age businesses and disruptive innovation and technologies, he added.
The US-India Business Council (USIBC) termed Biden's election as "truly a barrier breaking moment, and one that celebrates the diversity of America and the important contributions of immigrants who have made America their home".
Highlighting that President-elect Biden brings decades of experience advancing US-India ties and played a key role forging the US-India Strategic Partnership in the Obama Administration, the USIBC said, "under his leadership, we expect to see a continued bipartisan focus on India and a broad-based approach to India and the Indo-Pacific that touches strategic, security, and economic issues, alongside climate, health, education, science and technology".
The Council said it looks forward to working with the Biden-Harris Administration to help the US-India economic partnership achieve its full potential and bring opportunity to the citizens of both countries.
Hailing Biden and Harris as the new leaders of America, Chairman and MD of JSW Group Sajjan Jindal said in a tweet, "A democratic process voted for a change in a very defining year globally! Congratulations to the American community that ensured that the democratic process was not compromised in a tough external environment."
Similarly, congratulating Biden and Harris on their victory, JSPL Chairman Naveen Jindal in a tweet hoped "to see enhanced ties and cooperation between India and the United States".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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