Taking the relationship between India and the US to newer heights, the US President Barack Obama has promised India with finance facilities worth $4 billion and a new Indian Diaspora Initiative meant to help Indian-Americans fund local businesses.
High level meetings with Indian authorities along with Prime Minister Narendra Modi were held where the authorities promised to address concerns related to tax and ease of doing business with US companies. Obama focused on offering support to upgrade infrastructure, renewable energy and small enterprises and realize the untapped business potential between the two largest democracies.
Another $1 billion is yet to come from the Overseas Private Investment Corporation (OPIC) to support lending to SMEs in underserved markets. The US Trade and Development Agency will aim to leverage nearly $2 billion in investments in renewable energy in India. In the past, the US has complained bitterly about India's solar energy program that has a preference for Made in India goods.
The President also elaborated on major challenges, low trade volumes being one of them. At the business summit, Obama listed out the other areas of concern, some of which have been flagged by industry captains — from ease of doing business to protecting IPRs. He mentioned that in India there are still too many barriers, bureaucratic restrictions that make it hard to start a business, to import or export, to close a deal, deliver on a deal etc.  Obama also said that there need to be a business environment that's more transparent and more consistent and more predictable.He promised that US companies are ready to help Indian counterparts to develop India specific products, upgrade infrastructure and build smart cities.
