India and US sign Investment Incentive Agreement in Tokyo
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.
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