So amazing that the U.S. is finally recognizing the impact that India and the United States have on eachother’s economy.
The two countries are intrinsically linked together by trading and investing on both sides of the ocean.
Listen to Obama unveiling some of these plans at the recent India Business Summit
Key Takeaway From the Speech:
Today, I’m proud to announce additional steps — a series of U.S. initiatives that will generate more than $4 billion in trade and investment with India and support thousands of jobs in both of our countries. Specifically, over the next two years, our Export-Import Bank will commit up to $1 billion in financing to support “Made-in-America” exports to India. And OPIC will support lending to small and medium businesses across India that we anticipate will ultimately result in more than $1 billion in loans in under-served rural and urban markets. And our U.S. Trade and Development Agency will aim to leverage nearly $2 billion in investments in renewable energy in India.
If you ask me, the balance of investment and trade has been largely unbalanced up until now. America exports much of its customer service and manufacturing for pennies-on-the-dollar to India, whereas Indian companies (smartly) invest billions in America’s economy and provide untold numbers of jobs in the hospitality, tech, natural resources, and automotive industries — just to name a few.
I see these new initiatives (if they unfold) as creating more of a balance between the two countries. Interesting too, to consider how this might positively affect the poverty levels throughout India, with the addition of the funding for small and medium sized businesses.
Only time will tell…
What do you guys think?