According to reports by DNA, at the Business Summit held in India on the last day of President Obama’s visit, he pledge $4 billion in investments and loans, seeking to release what he called the “untapped potential” of business and strategic partnerships between the two countries. “We want to see more trade. We want to see more investment between the two countries that will benefit the people,” he said.
Obama declared that the U.S. Export-Import Bank would finance $1 billion in exports of ‘Made in America’ products. Additionally, the U.S. Overseas Private Investment Corporation will lend $1 billion to small- and medium-sized enterprises in under-served rural areas of India, and the U.S. Trade and Development Agency would leverage $2 billion for renewable energy in India, a key area of focus for the Modi government.
Prime Minister Modi said U.S. investments in India had doubled in the past four months and vowed to do more to slash the country’s notorious red tape and make it one of the world’s easiest places for business.