India and US sign Investment Incentive Agreement in Tokyo

Tags: International Relations International News

Prime Minister Narendra Modi and US President Joe Biden on May 24 signed an Investment Incentive Agreement in Tokyo.

• It is expected that the signing of this agreement will increase the investment support provided by the Development Finance Corporation in India which will help in the development of the country.

• Various proposals worth $4 billion are being considered by the corporation to provide investment support in India.

• The corporation has provided investment support in areas such as COVID-19 vaccine manufacturing, health care financing, renewable energy, financial inclusion and infrastructure.

• The corporation or its predecessor agencies have been active in India since 1974 and have provided investment assistance of $5.8 billion to till date.

• This incentive agreement will replace the earlier agreement signed between India and the US in 1997.