Finance Minister Arun Jaitley is set to officially unveil the new organisation here later Wednesday.
"USISPF is committed to creating the most powerful strategic partnership between the US and India. Promoting bilateral trade is an important part of USISPF's work but its mission reaches far beyond this," USISPF said in a statement.
USISPF's board of directors will include John Chambers, Executive Chairman, Cisco.
"Following the success of Prime Minister Narendra Modi and President Donald Trump's meetings in the US in June, I am incredibly confident about the powerful partnership between the US and India - which is one that I believe can serve as a model for the rest of the world," Chambers said.
"Our two countries will be able to make great strides in the months and years to come, and USISPF is honoured to be a part of this exciting future," he added.
Mukesh Aghi, currently President of the US-India Business Council (USIBC), will lead USISPF as President and Gaurav Verma will serve as Chief Operating Officer.
"We are confident that we will be able to elevate the US-India partnership to new heights by prioritising mutual opportunities that will benefit businesses, governments and citizens in both countries," Aghi added.
Other board members will include Vice-Chairs Punit Renjen (Global CEO, Deloitte LLP) and Edward Monser (President, Emerson Electric) and members Indra Nooyi (Chairman & CEO, PepsiCo) and Ajay Banga (President & CEO, MasterCard) among others