SMEs to Receive Boost from Obama's Commitment
A few hours after attending the pageantry of India’s 66th Republic Day parade, the US President Barack Obama interacted with Captains of Industry at a function jointly with Indian Prime Minister, Narendra Modi.
US President Barack Obama announced $4 billion in government-backed investments and lending to India, as he sought to scale up a trade relationship that he felt had a lot of ‘untapped potential’.
Indicating the importance of Small & Medium Enterprises in the growth of an economy, President Obama pledged that the Overseas Private Investment Corporation will lend $1 billion to small- and medium-sized enterprises in underserved rural areas of India.
President Obama said that US Export-Import Bank would finance $1 billion in exports of 'Made-in-America' products. He added that another $2 billion will be committed by the US Trade and Development Agency for renewable energy.
The US President urged Mr Modi to work towards cutting down on the infamous red tape in India. President Obama concluded that he was looking forward to inclusive economic growth in India & the United States that would improve the lives of people in both nations.
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