India-US business links were set for a quantum jump with Prime Minister Narendra Modi’s assurance of “consistent policies” and “welcoming environment” leading to US President Barack Obama announcing steps to lead to $4 billion trade with and investment in India.
“Over the next two years, our Export Import Bank (EXIM) will support $1 billion Made In America goods exports to India. Our Overseas Private Investment Corporation will support lending small and medium businesses across India in more than $1 billion in loans. And our US Trade and Development Agency will invest nearly $2 billion in renewable energy in India,” Obama said in his address at the US-India Business Summit here Monday.
Listing out more steps, he said the US was ready to help in broadband connectivity and build better roads.
“We need to make sure that economic growth in both India and US is inclusive. Diaspora investment initiative will aid India,” he said.
“US exports to India is nearly 35 percent. Indian investments in our country is growing as well. Those Indian investments are supporting jobs across America. Our growing trade relations are also a win for India. Both Indian and US workers are benefiting from the ties,” Obama added.
Saying that there is a lot of “untapped trade potential”, he added: “PM Modi agrees that there is a lot of scope to improve the trade relations. We have to focus on making doing business easier in both our countries.”
In his address earlier, Modi said the state should be driven by policies which should be consistent so as to draw more investments, while revealing US investments in India jumped by 50 percent in the first six months of his government.
“State should be policy-driven. That will help investment. Consistency is another very important aspect that will bring more investments in the country. These things will address many problems,” he said.
He assures US business that they “will find environment that is not only open, but also welcoming”.
“We will guide you and walk with you in your projects. You will find a climate that encourages investment and rewards enterprise; it will nurture innovation and protect your intellectual property,” Modi said.
