India signs Investment Incentive Agreement to boost US investment in key sectors

India and United States of America signed an Investment Incentive Agreement in Tokyo, Japan today. The agreement was signed by India’s Foreign Secretary Vinay Kwatra and Chief Executive Officer of US International Development Finance Corporation Scott Nathan.

It is expected that signing of this agreement would lead to enhanced Investment support provided by Development Finance Corporation in India which will further help in country’s development. Ministry of Finance said, proposals worth four billion dollars are under consideration by Corporation for providing investment support in India.

The Corporation has provided investment support in sectors like COVID-19 vaccine manufacturing, healthcare financing, renewable energy, financial inclusion and infrastructure among other.

The Corporation or its predecessor agencies are active in India since 1974 and have so far provided investment support worth 5.8 billion dollar. This Incentive Incentive Agreement supersedes the earlier agreement signed in the year 1997 between India-US.

The agreement has been signed to keep pace with the additional investment support programmes offered by the Development Finance Corporation. ( with ANI inputs)