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timesofindia.indiatimes.com...
Targeting a five-fold jump in Indo-US trade to $500 billion, Prime Minister Narendra Modi and US President Barack Obama on Wednesday pledged to deepen economic cooperation and will set up a joint program to boost business investment.
The two leaders, who met for the first time, agreed on boosting two-way trade to $500 billion from $100 billion. However, no deadline was set for reaching that goal.
In order to raise investment by institutional investors and corporate entities, the leaders decided to establish an Indo-US Investment Initiative led by India's Ministry of Finance and US Department of Treasury, with special focus on capital market development and financing of infrastructure.
They also agreed to establish an Infrastructure Collaboration Platform convened by the Ministry of Finance and the Department of Commerce to enhance participation of US companies in infrastructure projects in India.
"In this context, the US government welcomes India's offer for US industry to be the lead partner in developing smart cities in Ajmer (Rajasthan), Vishakhapatnam (Andhra Pradesh) and Allahabad (Uttar Pradesh)," it said.
They also welcomed the expansion of partnership to oversight of financial institutions, including between Reserve Bank of India and the US Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of Currency.
originally posted by: maddy21
On some other news i heard the $500 Billion was actually going to be invested in India . Either way this will be a positive step for both countries after relations fell rock bottom after the incident with the diplomat ... If it is an investment of $500 Billion , where is the money coming from ?
originally posted by: maddy21
On some other news i heard the $500 Billion was actually going to be invested in India . Either way this will be a positive step for both countries after relations fell rock bottom after the incident with the diplomat ... If it is an investment of $500 Billion , where is the money coming from ?
originally posted by: the2ofusr1
With the meetings with the treasury and other financial institutes could it be to set up how $$ might be converted to BRICS ?? I am not savy enough to understand what hurdles might be in the way but India is a major partner of BRICS and may end up being the talking head for the group ,seeing the west just wants Putin to go away . a reply to: maddy21
originally posted by: MrSpad
originally posted by: the2ofusr1
With the meetings with the treasury and other financial institutes could it be to set up how $$ might be converted to BRICS ?? I am not savy enough to understand what hurdles might be in the way but India is a major partner of BRICS and may end up being the talking head for the group ,seeing the west just wants Putin to go away . a reply to: maddy21
BRICS so far has agreed to create a bank to lend money. That is what it has accomplished in five years. That is the only agreement India has with it. So BRICS is a complete non factor. IBSA (India, Brazil, South Africa) has produced far more trade agreements for India but, again nothing that would stop trade with anybody else.
The US has also surpassed Russia as India largets arms dealer. India flush with Western cash would change the face of that part of the world.
India flush with Western cash would change the face of that part of the world.