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The Big Picture – Day 2 of President Obama’s visit to India: The takeaways

Summary:

U.S. President Barack Obama became the first American chief guest at the parade.

Recently held Indo US business summit gives a push from the top which was very much necessary.

Only 6% of total investments come through the US route.

The US president said that US wants to help India expand solar energy, clean its air and water.

US exports to India currently amount to just 1 per cent of its total exports while barely 2 per cent of its total imports come from India.

The Indian PM promised an open business environment, predictable tax regime and to remove “remaining uncertainties”.

The US President announced 4 billion dollar investments in India including 1 billion dollar for financing exports from US to aid Make-in-India programme here, a similar amount for small and medium industries and 2 billion dollar in renewable energy projects.

Bilateral trade between the two countries stood at 61.64 billion dollar in 2013-14. India has received 13.28 billion dollar in FDI from the US between April 2000 and November 2014.

The US President also announced that the two governments have agreed to resume talks on the proposed bilateral investment treaty.

Key focus areas for Indo-US businesses include further ease of doing business in the US,  a new government panel in India to support foreign trade and investments, especially those from the US, as well as development of technology by US businesses to aid India’s infrastructure development in railways, roads, broadband and smart cities.

The two leaders managed to put the civil nuclear deal to work, took defence cooperation up another notch, besides US endorsing India for a permanent seat on the UN Security Council.

This visit has shown that the two countries have so many shared and common interests.

 

 

 

 

 

 

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