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Modi and Obama's Golden Handshake for Clean Energy Project
SI Team
Wednesday, February 4, 2015
U.S. President Obama's famed visit to India opened up new investment opportunities in renewable energy projects, green bonds, venture capital and pension funds as a measure to promote clean energy and combat climate change. The deal will be finalized after a 'government to government' meeting and thorough chalk talk between the Prime Minister, Narendra Modi and imminent leaders from the U.S., India and other countries. According to the reports, this meeting was also held to seal the civil nuclear deal and help India secure a permanent seat on the UN Security Council. A team of experts and senior officials from the U.S. will engage with Indian finance ministry and Reserve Bank of India to find ways to meet the ballpark target of one lakh megawatt of clean energy. Alongside promoting innovative and clean power generation from renewable energy sources, low greenhouse gas emission and improving urban air quality India plans exclusively to set aside Rs 750 crore to mitigate risks and losses from nuclear accidents for companies that build reactors.
Obama announced that $4 billion worth Indian Diaspora Investment Initiative to shall be invested to strengthen trade, jobs in India as well as open up avenues to raise finance and loans for small and medium businesses. The U.S. president also stressed on eliminating barriers and bureaucratic restrictions to meaningfully channelize investments made on energy projects. Adding further, Modi pledged for an open business environment, predictable tax regime and clearing out uncertainties related to trade and intellectual property to simplify business projects in India. "You will find environment that is not only open, but also welcoming. We will guide you and walk with you in projects. You will find a climate that encourages investment and rewards enterprise. It will nurture innovation and protect your intellectual property," says Modi at the USIBC meeting.

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