Modi, Obama unveil steps for new high to business, trade ties

New Delhi IndiaUS business links were set for a quantum jump with Prime Minister Narendra Modis assurance of consistent policies and welcoming environment leading to US President Barack Obama announcing steps to lead to 4 billion trade with and investment in IndiaUS President Barack Obama C Indian Prime Minister Narendra Modi R and Indian President Pranab Mukherjee L attend a reception at Rashtrapati Bhawan the Presidential Palace in New Delhi on January 26 2015 Pic AFPOver 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 Obama said in his address at the USIndia Business Summit here MondayListing out more steps he said the US was ready to help in broadband connectivity and build better roadsWe need to make sure that economic growth in both India and US is inclusive Diaspora investment initiative will aid India he saidUS exports to India is nearly 35 percent Indian investments 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 addedSaying that there is a lot of untapped trade potential he added 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 countriesIn his address earlier Modi said the state should be driven by policies which should be consistent so as to draw more investments while revealing US investments in India jumped by 50 percent in the first six months of his governmentState should be policydriven That will help investment Consistency is another very important aspect that will bring more investments in the country These things will address many problems he saidHe assures US business that they will find environment that is not only open but also welcomingWe will guide you and walk with you in your projects You will find a climate that encourages investment and rewards enterprise it will nurture innovation and protect your intellectual property Modi saidIt 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 uncertaintiesOur goal is an economy where skills infrastructure and resources will not be constraints to growth he said adding heavy investments in infrastructure and agriculture will improve the economyNoting that in the world of economics numbers are often an unforgiving mirror to performance Modi said They are telling us that we are on the right path Our economic growth has increased by a percentage point Today business sentiments in India are the strongest among major Asian markets Consumer confidence in India has turned positive after three yearsGrowth in the eight core sectors of the economy has increased sharply Inflation is at a fiveyear low And 110 million new bank accounts have opened in the last four months Investments from the United States have jumped by 50 percent in the first six months of my government And I know that some of the pledges made in September in Washington have begun to flow inStressing the IndiaUS partnership will be vital for prosperity at home and our economic leadership abroad he held it will also help address global challenges of our timesTurning to President Obama Modi said that with his support quite simply the joined hands of 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 actionThe USIndia Business Council USIBC along with Indias department of industrial policy and promotion DIPP the Confederation of Indian Industry CII and the Federation of Indian Chambers of Commerce and Industry FICCI organised the summitBefore this meeting Modi speaking at the interactive India US CEO Forum highlighted key priorities of his government including improving Ease of Doing Business and the Make in India initiative He also added it is extremely important to listen to investors as this helps speed up decisionsReacting to the statements by Modi and Obama CII president Ajay Shriram expressed hope that the newlyannounced USIndia Strategic and Commercial Dialogue will convene soon to chart out the path for enhanced bilateral economic cooperationHe also welcomed Modirsquos commitment to making the business environment in India easier and more predictable In this regard he welcomed the new cell being set up in the PMO to fast track US investments in IndiaIt is these steps he noted that will help step up the USrsquos engagement in the Indian economy