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Obama Pledges $4 Billion of Investment in India

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U.S. President Barack Obama delivers a toast as he attends an Official State Dinner at the Rashtrapati Bhavan presidential palace in New Delhi
U.S. President Barack Obama delivers a toast as he attends an Official State Dinner with India's President Pranab Mukherjee and Prime Minister Narendra Modi at the Rashtrapati Bhavan presidential palace in New Delhi January 25, 2015.Jim Bourg—REUTERS
By Rishi Iyengar

U.S. President Barack Obama pledged $4 billion in investment and loans to India on Monday, soon after attending the South Asian nation’s 66th annual Republic Day celebrations as the guest of honor earlier in the afternoon.

Obama told a gathering of business leaders from India and the U.S. that both countries have “got to do better” in furthering an economic relationship “defined by so much untapped potential,” Reuters reports.

The U.S. Trade and Development Agency will commit $2 billion towards India’s renewable energy efforts, Obama said, while $1 billion each will be pledged to finance “Made-in-America” exports and Indian rural businesses respectively.

[Reuters]

See Obama attend India's Republic Day Parade

President Barack Obama and Indian Prime Minister Narendra Modi watch an award ceremony and parade from their viewing stand overlooking the Republic Day parade in New Delhi, Jan. 26, 2015.
President Barack Obama and Indian Prime Minister Narendra Modi watch an award ceremony and parade from their viewing stand overlooking the Republic Day parade in New Delhi, Jan. 26, 2015. Stephen Crowley—AP
Aaerial view of the Indian paramilitary contingents taking part in India's Republic Day parade in New Delhi, Jan. 26, 2015.
Aaerial view of the paramilitary contingents taking part in the Republic Day parade in New Delhi, Jan. 26, 2015. EPA
An Indian girl sits on the shoulder of a man and holds up a mobile phone as the Republic Day parade marches past in the old parts of New Delhi, Jan. 26, 2015.
A girl sits on the shoulder of a man and holds up a mobile phone as the Republic Day parade marches past in the old parts of New Delhi, Jan. 26, 2015. Tsering Topgyal—AP
Indian policemen march during the Republic Day parade in New Delhi, Jan. 26, 2015.
Policemen march during the Republic Day parade in New Delhi, Jan. 26, 2015. Adnan Abidi—Reuters
Indian soldiers march in formation down the ceremonial boulevard Rajpath during the Indian Republic Day parade in New Delhi on Jan. 26, 2015.
Soldiers march in formation down the ceremonial boulevard Rajpath during the Republic Day parade in New Delhi on Jan. 26, 2015. Prakash Singh—AFP/Getty Images
Indian Navy sailors watch military helicopters fly-by during India's Republic Day parade in New Delhi, Jan. 26, 2015.
Navy sailors watch military helicopters fly-by during India's Republic Day parade in New Delhi, Jan. 26, 2015. Jim Bourg—Reuters
Performers spin around atop a float during the Republic Day Parade in New Delhi, Jan. 26, 2015.
Performers spin around atop a float during the Republic Day Parade in New Delhi, Jan. 26, 2015. Carolyn Kaster—AP
A paramilitary unit participates in the 66th Republic day function in New Delhi, Jan. 25, 2015.
A paramilitary unit participates in the 66th Republic day function in New Delhi, Jan. 25, 2015. Harish Tyagi—EPA
A spectator holds a placard that reads "We Love Obama" as the motorcade of President Obama departs following the conclusion of the country's Republic Day Parade in New Delhi on Jan. 26, 2015.
A spectator holds a placard that reads "We Love Obama" as the motorcade of President Obama departs following the conclusion of the country's Republic Day Parade in New Delhi on Jan. 26, 2015. Tengku Bahar—AFP/Getty Images

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Write to Rishi Iyengar at rishi.iyengar@timeasia.com