NEW DELHI: India-US business links were set for a quantum jump with Prime Minister Narendra Modi's assurance of a "welcoming environment" serving as cue for US President Barack Obama to announce steps that will 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. 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," he added.
Speaking earlier at the event, 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.