Obama-Modi's growing bonhomie brings 'mere' $4 billion investments

New Delhi, Jan 27: At a time when the nation is in awe of US President Barack Obama's second visit to India and the way his bromance with Prime Minister Narendra Modi brewed throughout his stay at New Delhi, a little disappointment came across India's way after Obama announced investments of just $4 billion by American agencies to bolster trade.

Addressing the India-US Business Summit on Monday evening, the US President announced investments and loans worth $4 billion by American agencies as part of measures to bolster trade with New Delhi.

"Over the next two years our Export-Import Bank will commit up to $1 billion in financing made in America exports to India... And our US Trade and Development Agency will aim to leverage nearly $2 billion investments in renewable energy in India," Obama said here.

The visiting US President also said Overseas Private Investment Corporation will "support lending" worth about $1 billion to small and medium businesses across India in under-served rural and urban markets.

Obama also said the two countries are moving forward to realise the true potential of economic relations.

"...there is new momentum, new energy, new hope that we can finally begin to realise the potential of our economic relationship," Obama said.

Stressing that India and the US are true global partners, he said, "We can grow and we can prosper together and establish a set of global norms in terms of how business is done that will not just benefit our two countries but people around the world".

"We do $100 billion a year of trade with India, which is a great improvement since I took office. But we do about $560 billion a year with China. That will give you some sense both of the potential growth that India might unleash and the potential for greater trade between our two countries," the US President further said.

One feels this amount is no more than a trickle for India expected a little more from its western friend. Even Chinese President Xi Jinping, during his maiden visit to India last year, had announced investments of $20 billion with New Delhi in next five years to improve trade ties with its neighbour.

While Japan promised $ 35 billion to India over the next 5 years for developmental projects when PM Modi toured cities of Kyoto and Tokyo.

OneIndia News

(With inputs from PTI)