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India

PM Modi And Joe Biden Discussed US Food Price Hike, Security Technology Collaboration After Quad Summit

Taking forward the US-India Climate and Clean Energy Agenda 2030, Biden said that they (US) look forward to enhancing their partnership to accelerate 'India’s just energy transition'.

PM Narendra Modi and US President Joe Biden held talks on bilateral, regional & global issues, in Tokyo. (Photo: ANI)

India and United States have sealed an incentive agreement where the US-led Development Financing Corporation will aid India in its expansion of the private sector. DFC is America’s development finance institution that partners with the private sector to finance solutions to critical challenges.

“The two countries concluded an Investment Incentive Agreement which provides a framework for DFC to continue to expand its investment in India for private sector-led projects in critical areas such as renewable energy, agriculture, health, and SME financing,” the White House said on Monday.

Taking forward the US-India Climate and Clean Energy Agenda 2030, Biden said that they (US) look forward to enhancing their partnership to accelerate “India’s just energy transition”. He encouraged that partnership, especially in the areas of renewables deployment, decarbonizing the energy and industrial sectors, and zero-emissions vehicles, will be done with India and US would make sure to mobilize related investment in India.

A White House readout also informed that the US is planning to join six of India’s Technology Innovation Hubs to support at least 25 joint research projects in 2022 in areas such as artificial intelligence and data science to advance progress in applications such as agriculture, health, and climate.

“The U.S. National Science Foundation and Department of Science and Technology of India will deepen this cooperation through the new U.S.-India Initiative on Critical and Emerging Technology”, the White House said adding that countries are looking to enhance technologies together in domains of space, cyber besides launching a dialogue on Artificial Intelligence this year.

Both countries may also be exploring options together to research and also share Critical and Emerging Technologies (iCET). This White House said will be spearheaded by the National Security Councils of the two countries.

On the military front, the US formally announced India’s joining the Combined Military Forces-Bahrain as an associate member.

With regard to refining vaccine technology, the White House said that two countries are renewing the Indo-U.S. Vaccine Action Program, since its establishment, has yielded several success stories towards the discovery, development, and manufacture of India’s first indigenous and low-cost vaccines to address rotavirus and COVID-19.

“The two leaders also discussed expanding collaboration to combat antimicrobial resistance, as well as non-communicable diseases such as diabetes and cancer,” the White House said.

Amid a ban on wheat export by the Indian government that has led to a global price rise in food, Biden reportedly took up the price rise issue with PM Modi. The wheat export was banned keeping in view the inflation domestically in the wheat prices after a global shortfall due to the Russia Ukraine war.

“The leaders (Biden and Modi) committed to continue providing humanitarian assistance and discussed how to cooperate to manage disruptions caused by the war in Ukraine, in particular the rise in energy and food prices, to protect their respective citizens and the world,” White House informed.

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