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India, US Sign Key Pacts

JANUARY 30, 2015

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India, US Sign Key Pacts

 India, US Sign Key Pacts

US President Barack Obama left India for Saudi Arabia after a three-day visit focused on improving bilateral relations. In his talks with Prime Minister Narendra Modi, the two managed to remove the hurdles to implement the civil nuclear deal besides deciding to jointly produce military hardware and stepping up economic engagement. In what Obama termed a "breakthrough", the two countries resolved key hurdles regarding the liability of the suppliers of nuclear reactors in case of an accident and the tracking of US-supplied fuel.

Here are the 12 big takeaways from the Modi-Obama friendship:

1. Nuclear logjam broken

The importance of the Indo-US nuclear deal cannot be ignored. Signed in 2005, with an NSG waiver in 2008, the deal was in ssupension for a few years.

2. India crosses nuclear liability hurdle

It would be easier for companies to invest in India's nuclear power sector.

3. Funds flow of $4 billion

Obama announced $4 billion of new initiatives to boost trade/ investment ties, jobs in India via Exim Bank and OPIC. He has also opened new source of financing for social development ventures with an Indian Diaspora Investment Initiative.

4. Clean energy boost

The $4 billion deals include $2 billion of leveraged financing for renewable energy investment and $1 billion in loans for small and medium businesses.

5. Made in the USA

The US Exim Bank will finance a billion dollars to support 'Made in America' exports to India over two years.

6. Make babudom accountable

High-level India strategic and commercial dialogue to be set up to monitor progress on pacts and vision statements.It will hold the bureaucracy accountable on both the sides.

7. Big agreements

Start discussions on the Totalisation Agreement & bilateral investment treaty. The Indain PM has promised that his office will track big projects.

8. Defence framework agreement

Renewed for 10 years and Defense Technology and Trade Initiative operationalized with a focus on co-development and co-production in India for India and global market, should boost 'Make in India' initiative.

9. Defence equipment co-developed in India

The first four Raven mini UAVs, mobile hybrid power source, chemical/bio protection gear, roll on-roll off intelligence, surveillance modules for C-130J aircraft.

10. More on climate change

Personal priority for both leaders. Indian industry working for clean energy, US extends support in this mission, agreement signed on climate change issues.

11. Message to China

Agreement on the issue of East Asia-facing strategic initiatives. US, India and other Asia-Pacific countries to work together to strengthen regional ties, sending China a strong message.

12. Tracking terror

Both to increase cooperation. Similar to the Sept statement, Pak-based anti-India terror groups named in the joint statement. To share cyber threat information.


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