India-US Business Summit held in New Delhi

India-US Business Summit was held in New Delhi on 26 January 2015. The Business Summit was chaired by the Prime Minister of India Narendra Modi and the US President Barack Obama.

The Summit was attended by 500 business leaders from the two countries.

The Summit was organized by the US – India Business Council (USIBC) in partnership with Department of Industrial Policy & Promotion (DIPP), the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI).

Main Highlight of the Summit

•    US to help in digitalising Jan Dhan accounts
•    US to partner India in solar energy and sustainable energy solutions
•    US to earmark 4 billion US dollars in investment and lending deals to India
•    Exim Bank of US to commit 1 billion US dollars for project financing  
•    The Overseas Private Investment Corporation will lend 1 billion US dollars to small- and medium-sized enterprises in underserved rural areas of India
•    Another 2 billion US dollars will be committed by the U.S. Trade and Development Agency for renewable energy
•    India assured U.S. investors of a transparent and predictable business environment and tax regime, protection for their intellectual property

Bilateral trade between the two countries had increased 60 percent in the past couple of years to a record 100 billion US dollars, but India’s exports to the U.S. were still less than 2 percent of all American imports.

The new vigour found will help both the countries increase the share of bilateral trade in the world trade.