In a measure to bolster trade with India, US President Barack Obama pledged for investments and loans worth $4 billion by American agencies. World’s largest economy’s president at the India-US business summit assured that while US Export-Import Bank would be committing up to $1 billion in financing made in American exports to India, US Trade and Development Agency will aim to leverage nearly $2 billion investments in renewable energy in India.
The visiting US President also unveiled that Overseas Private Investment Corporation would support lending worth about $1 billion to small and medium businesses across India in under-served rural and urban markets.
Further, stressing that India and the US of being true global partners, Obama highlighted that the economies of two nations could grow and prosper together and establish a set of global norms in terms of how business could function, which would not just benefit the respective two countries but also the people around the world.
Obama, who is in the middle of a three-day visit to India, hailed the new change in tone at the top of India Inc but at the same time highlighted there were still 'too many obstacles' for businesses wanting to break into the vast market. The president called for consistency and simplicity in regulatory and tax environment in India.