"India and the US need each other economically," he said speaking at the Brookings Institute, a top US think-tank.

"We both need to help power global economic growth; we rely on the collaborative science, exploration, and innovation that will bring new discoveries for our people; and we both need to create economic opportunities and jobs for our people," he said in his remarks.

Verma said that in the last decade the two countries have made dramatic progress in virtually every category of cooperation and the statistics are compelling. In 2005, the two-way trade numbers were around USD 30 billion. Today, they stand at USD 104 billion, and the two countries are aiming to get that number up to USD 500 billion.

As against 30,000 Indian students studying in the US this year, the number of Indian students increased by almost 30 per cent over last year to more than 132,000. The same goes for visitors – in 2005, we had close to 400,000 Indians visiting the US. This year was the highest.

Cumulative Indian foreign direct investment in the US totaled USD 7.8 billion in 2014. The US foreign direct investment into India was USD 28 billion, he said. An increasing number of Indian-owned firms contribute to US jobs, exports, and growth, he added.

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