US President Barack Obama unveiled his 3.73 trillion USD budget proposal .Speaking at a school in Baltimore, Maryland, the President said that his proposed budget will allow him to keep his promise to cut the nation’s budget deficit by half at the end of his first term in office, which has two years to run. Before sending his annual budget proposals to the Congress the US President described India as one of the most important and promising emerging markets in the world.

The annual budget proposals said that India represents a tremendous opportunity for US firms to expand their output of goods and services.

It said the emergence of a global market place that includes the growing economies of China, India and other developing counties creates an opportunity for America to export goods and services to new customers.