American CEOs have been quick to support strong U.S.-India relations as many see the rising economy as a source of future growth — especially as China slows down. A notable group of CEOs and executives led by Cisco Executive Chairman John Chambers just started a new organization called the U.S.-India Strategic Partnership Forum. The group is devoted to strengthening relations between the two largest democracies in the world.

John Chambers of Cisco. David Orrell | CNBC

Chambers was recently in New Delhi briefing Prime Minister Narendra Modi on the new organization. "We will have important strategic discussions to bring down the trade deficit ... I think we can eliminate the deficit," Ed Monser, president of Emerson Electric and vice-chair of the U.S.-India forum, told CNBC. The long-term objective, Monser said, is to "boost trade to $500 billion between the U.S. and India in 10 years." Such a move, analysts say, may be welcomed by President Donald Trump, who has sought to bring down U.S. deficits with many of its trading partners, including India and China. The newly minted organization comes after Modi's visit and meeting with Trump in late June. Other board members of the forum include Mastercard President and CEO Ajay Banga and PepsiCo Chairman and CEO Indra Nooyi. Monser said one of the key ways to bring down the U.S.-India trade deficit of just over $30 billion dollars is in the energy space. "There are clear opportunities in energy ... we're now exporting oil and gas and even coal to India ... that's [more] jobs here in the US," Monser said.