India–US economic relations have evolved significantly over the past few decades, reflecting a broader transformation in the global order as well as India’s own foreign policy trajectory in a changing world. Historically, the relationship between the two countries was marked by ambivalence, shaped by Cold War geopolitics, India’s non-alignment stance, and differing economic models. However, since the 1990s, particularly after India’s economic liberalization in 1991, the bilateral economic relationship has steadily expanded, becoming one of the most important pillars of their strategic partnership. India’s foreign policy in a changing world has increasingly recognized the centrality of the United States in global economic governance, technology, investment, and trade, while also attempting to balance strategic autonomy with closer engagement. The end of the Cold War and the shift in India’s economic policies brought a new phase in Indo-US economic relations. The liberalization program launched in 1991 reduced protectionism, opened sectors to foreign investment, and aligned India more closely with global markets. This made the Indian economy more attractive for American businesses, leading to increased trade and investment flows. In turn, the US viewed India not just as a large emerging market but also as a potential partner in shaping global economic norms. The transformation was gradual but gained momentum after the 2000s, with successive governments in India, irrespective of political differences, prioritizing stronger economic ties with Washington. Trade has been one of the most visible aspects of the India–US economic relationship. Bilateral trade in goods and services has grown from just a few billion dollars in the early 1990s to over \$190 billion in 2022, making the US India’s largest trading partner. The composition of this trade reflects both complementarities and tensions. India exports pharmaceuticals, textiles, engineering goods, IT services, and increasingly digital products to the US. On the other hand, India imports aircraft, defense equipment, high-end technology, medical devices, and agricultural products from the US. The services sector, particularly IT and IT-enabled services, has been a cornerstone, with Indian companies like Infosys, TCS, and Wipro establishing strong operations in the US. At the same time, American tech companies such as Google, Amazon, Microsoft, and Apple have expanded their investments in India, seeing it as both a market and a hub for innovation. Foreign direct investment (FDI) is another crucial dimension. The United States is one of the top sources of FDI into India, particularly in technology, manufacturing, energy, and services. American companies have invested in sectors like e-commerce, renewable energy, financial services, and defense production. Similarly, Indian companies have emerged as significant investors in the US, particularly in information technology, pharmaceuticals, steel, and hospitality. Tata, Infosys, Mahindra, and other Indian firms have created thousands of jobs across the US, reflecting the two-way nature of the relationship. This growing interdependence has helped reduce earlier asymmetries in the partnership, giving India greater leverage in its foreign policy. Energy cooperation has emerged as a vital element in recent years. India, as one of the world’s largest energy consumers, has sought to diversify its sources, while the US has become a major exporter of crude oil, liquefied natural gas (LNG), and coal due to its shale revolution. Since 2017, US energy exports to India have grown exponentially, reducing India’s reliance on Middle Eastern suppliers. This has had significant strategic implications, giving India more flexibility in navigating regional energy politics while also deepening its economic integration with the US. Technology and innovation represent another pillar of India–US economic relations.