US President Barack Obama said, India is one of the most important and promising emerging markets in the world and represents a tremendous opportunity for US firms to expand their output of goods and services. Obama told this to his lawmakers as he sent his annual budget proposals to the Congress. The White House budget proposals said, on the margins of the President's trip to India in November, trade transactions exceeded 14.9 billion US dollars in total value that would support an estimated 53,670 jobs. It said, these cross border collaborations, both public and private, underpin the expanding US-India strategic partnership, contributing to economic growth and development in both countries. Notable examples include, the sale of commercial and military aircraft, gas and steam turbines and precision measurements instrumentation. The budget proposals 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 its goods and services to new customers. The budget said, with 95 per cent of the world's customers as well as the globe's fastest growing markets beyond American borders, the nation must compete aggressively to spur economic growth and job creation.