India-US trade to triple in 10 yrs: US Ambassador

India-US trade to triple in 10 yrs: US Ambassador

The US has mobilised around $2.5 billion for clean energy projects in India.

Sharath Chowdary

The bilateral trade between the United States and India is going to triple in the next ten years, US Ambassador to India Richard R Verma told The Dollar Business Bureau. He said this after delivering a speech on ‘India after COP21’ held in Hyderabad on Friday.

Recently, the Atlantic Council had announced an initiative to increase the Indo-US bilateral trade from the current $100 billion to $500 billion in the coming decade. When asked how the US intended to go about it, Verma said, “The bilateral trade target set by the council is little bit ambitious, but the trade will definitely triple over a period of one decade.”

Praising PM Modi’s drive for renewable energy in the country, he said, “Narendra Modi’s 175-GW target for renewable energy deployments is among the most ambitious in the world. The US has supported this effort through Partnership to Advance Clean Energy (PACE) and has mobilised around $2.5 billion for clean energy projects in India while another $1.4 billion was announced for climate finance and solar projects during the PM’s recent visit to the US.”

“By 2035, the investment in energy sector is expected to touch $17 trillion globally. The US is strongly supporting the solar targets of India through International Solar Alliance and other bilateral initiatives like solar resource mapping and rooftop solar cooperation. For a bright energy future, the Indian government has signed an agreement with the Westinghouse Electric Company to build six nuclear reactors in Andhra Pradesh,” he informed.

“This deal provides a major boost for Modi’s ambitious target of diversifying India’s energy resources so that 40% of all power is generated through renewable sources by 2030. It will support the Make in India campaign by making reliable power. Moreover, it will bring more jobs and cutting edge technologies in the power and construction sectors of the country,” he added. 

The US President Barrack Obama has partnered with Modi to launch Mission Innovation, a public-private partnership involving 20 nations that has pledged to double spending on clean energy research and development by 2020, he said.