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Modi, Obama to take trade to new heights

Modi, Obama to take trade to new heights
“We need to make sure that economic growth in both India and US is inclusive. Diaspora investment initiative will aid India,” he said.

It is an extraordinary event of extraordinary significance when Prime Minister Modi and President Obama address a business summit that will certainly have an impact on the economy of both the nations, one can bet his bottom dollar on it.

India-US business links and trade promise a brilliant turn and a big jump with Obama talking of steps to take trade and investment to $4 billion, rightly enthused by Modi’s assurance of ‘consistent policies’ coupled with an ‘welcoming environment’ and inviting ‘predictable taxes’.

Addressing the US-India Business Summit, Obama said, “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.”

“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 investment 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 continued.

Doing business in both the countries must be made easy, he said: “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 that US investments in India jumped by 50 percent in the first six months of his Government. Highlighting the significance of consistency in policies, he said: “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.”

“It will make it easy to do business; our immediate target is to bring us from the rear ranks of the world into the top 50. You will find a tax regime that is predictable and competitive. We have removed some of the excesses of the past. We will now soon address the remaining uncertainties.

Our goal is an economy where skills, infrastructure and resources will not be constraints to growth,” he said.

Looking at Obama, Modi said they together ‘India and the United States will make this world a better place for all. With your leadership, Mr. President, and with the support of our gifted people, we will turn our commitments into concrete action”.

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