New Delhi: Addressing the Indo-US Business Summit held in New Delhi on Sunday, Indian Prime Minister Narendra Modi and US President Barack Obama after meeting top CEOs of the country promised to increase trade and economic ties between the three countries.
At the meeting,Â Indiaâ€™s top industrialists split among themselves issues of concern to the two countries and spoke on relevant areas only instead of speaking on all of them.
Prime Minister Narendra Modi promised a stable and predictable tax regime in India during a meeting withIndian and US corporate leadersÂ on Monday. On his part, US President Barack Obama announced $4 billion in government-backed investments and lending to India.
â€œWe are moving in the right direction. That said, we also know that the U.S.-India relationship is defined by so much untapped potential,â€ PM Modi told the meeting.
The Overseas Private Investment Corporation will lend $1 billion to small – and medium-sized enterprises in underserved rural areas of India.
Another $2 billion will be committed by the U.S. Trade and Development Agency for renewable energy, Obama said in speech.
What Obama said:Â
US canÂ help in digitalisingÂ Jan DhanÂ accounts
Let’s make it easy for a woman in a village to start a business with someone in the US:
US to partner India inÂ solar energyÂ and sustainable energy solutions
US wants to help India expand solar energy, clean its air and water. Also proposes helping Indian-Americans invest in India.
Will earmark $4 billion in investment and lending deals to India
Exim Bank of US to commit $1 billion for project financing Â
The Overseas Private Investment Corporation will lend $1 billion to small- and medium-sized enterprises in underserved rural areas of India
Another $2 billion will be committed by the U.S. Trade and Development Agency for renewable energy
Only 1% of American exports go to India, a nation of a billion-plus people. We do trade worth $100 billion with India, But with China we do $560 billion
The global fortunes of the US, India are interlinked
We have to keep working to make business easier in our two companies
In the last three years, we have increased our trade by 60%, today it is worth $100 billion
Our two business communities have been some of the strongest champions for a closer relationship
Growth cannot be measured by GDP alone, it has to be inclusive and improve the lives of people
WhatÂ Narendra ModiÂ said:
We are forging ahead in areas of civil nuclear energy,Â renewable energyÂ and defence: Modi
We will protect yourÂ intellectual propertyÂ rights, nurture innovation
You will find an open environment, we will guide you and walk with you in your projects (assuring CEOs of American firms)
Some of the pledges made in Washington in September have begun to flow in, I do keep track of these things
Today business sentiments in India are the strongest among Asian markets
In the past eight months we have worked tirelessly to transform the quality of life of people
For India, the journey has been impressive but the road ahead is still long