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Ties with India critical for growth of Texas: Governor
Why it is in news?
- Expansion of trade ties with India was his top priority in office, Texas Governor Gregg Abbott told a gathering of the State’s business leaders on Saturday.
Trade and Investment
- Houston and surrounding areas are emerging as a magnet for several Indian companies expanding their operations in North America.
- Texas is now the second largest exporter of goods to India and the fourth largest importer of Indian goods, among American States.
- Oil imports- India has started importing crude and natural gas from America this year, and Texas, as the country’s petroleum hub, stands to benefit.
- A petroleum import from America has begun to reduce India’s trade surplus with it, partially blunting an irritant for the Donald Trump administration.
- Trade between Houston and India is now worth $ 8.5 billion.
- Jindal Steel Works has announced plans to invest $500 million into expanding their steel manufacturing in Baytown, Texas, and Wipro Limited will set up a new Texas Technology Centre in Plano.
Source
The Hindu