A confirmation hearing of the Senate on his nomination is likely to be scheduled to be held soon.
Mr Juster, 62, played a key role in the Indo-US ties under the Bush Administration. He would replace Richard Verma as the top American diplomat to India if his name is confirmed.
The position has been vacant since January 20 after Mr Verma put in his papers as Donald Trump took over as the US president.
Mr Juster served as the under secretary of commerce for industry and security from 2001 to 2005 and was also the deputy assistant to President Trump for the International Economic Affairs and Deputy Director of National Economic Council from January-June this year.
In the private sector, he has been a partner at the investment firm Warburg Pincus LLC, Executive Vice President at Salesforce.com, and senior partner at the law firm Arnold & Porter.
He has also served as Chairman of Harvard University's Weatherhead Center for International Affairs, and as Vice Chairman of The Asia Foundation.
Juster holds a law degree from the Harvard Law School, a master's degree in Public Policy from the John F Kennedy School of Government at Harvard, and a bachelor's degree in Government from Harvard College.