Market sentiments are directed towards Asia

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, India’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 leaders on Monday. On his part, US President Barack Obama announced $4 billion in government-backed investments and lending to India.

“We are moving in the right direction. That said, we also know that the U.S.-India relationship is defined by so much untapped potential,” 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: 

US can  help in digitalising Jan Dhan 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 in solar energy 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  

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

What Narendra Modi said:

We are forging ahead in areas of civil nuclear energy, renewable energy and defence: Modi

We will protect your intellectual property 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

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