The US President Barack Obama on Monday Jan 26,2015 moved ahead with scaling up the India-US economic
partnership which he said “was defined by so much untapped potential”
between the two biggest democracies.
Addressing
an India-US CEO summit hosted by Prime Minister Narendra Modi,US President Barack Obama
committed a $4billion financial package to set the ball rolling and said
the two countries would work together to develop new technologies to
help India leap forward.
US President Barack Obama said
that his visit was not only about symbolism but substance as well, and a
vision of greater trade, investment and a stronger economic
partnership.
Prime Minister Narendra Modi,
on his part, promised an open business environment and predictable tax
regime as US President Barack Obama raised issues of trade barriers and intellectual
property, which hinder global business in India.
The
financial package announced by US President Barack Obama comprised a $2billion commitment
by the U.S. Trade and Development Agency for renewable energy projects
in India
The
Overseas Private Investment Corporation will lend $1billion to small and
medium-sized enterprises in under-served rural and urban areas of
India.
Besides, the U.S. Export-Import Bank will finance $1billion in exports of 'Made-in-America' products to India.
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