The funding increase for India supports India’s role as a regional leader by increasing clean energy and other climate programming.
Topics
Joe Biden | clean energy | Digital India
US President Joe Biden has proposed to increase the developmental assistance to India in clean energy, digital economy, and also in combating increasing authoritarianism.
The proposed increase in India’s developmental assistance from USD 25 million in 2021 to USD 66 million for the fiscal 2023 is part of the State Department’s developmental assistance for the fiscal 2023, which was sent by the White House to the US Congress on Monday.
The funding increase for India supports India’s role as a regional leader by increasing clean energy and other climate programming. Funds will also advance investments in the digital economy, said the State Department’s portion of the budget.
Assistance will combat increasing authoritarianism, bolster human rights and strengthen civil society participation and democratic governance, the State Department said.
The Biden Administration has also proposed to increase aid to India on the health sector from USD 34.5 million in 2021 to 48.5 million in 2023.
Overall, the administration has proposed USD 302.2 million in developmental assistance for South Asia to promote sustainable development to resist harmful economic practices and unsustainable debt. Funding will also combat climate change by increasing investments in clean energy and adaptation to climate risks, it said.
The State Department also cited a program Treasury’s Office of Technical Assistance (OTA) to India as one of its success stories. With OTA support, India’s Ministry of Housing and Urban Affairs made significant progress in its Smart Cities program to promote issuance of local project debt by cities, the State Department said.
Local debt issuance in its infancy in India helps to foster greater ownership and improved planning of infrastructure and development projects, which currently range from water treatment to improved local transportation, it said.
OTA previously worked with the Indian municipality of Pune to help facilitate its first bond issuance in 2017. Based on this success, OTA and the Ministry of Housing of Urban Affairs expanded collaboration to include six additional cities — Vadodara, Pimpri Chinchwad, Rajkot, Faridabad, Mangaluru and Mysuru.
According to the State Department, OTA is working with the cities in coordination with the Ministry to help incorporate best practices and lessons learned from the US municipal finance system, enable better project vetting and monitoring, improve disclosure to investors, and lower the cost of capital for the regional capital improvement plan.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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The funding increase for India supports India’s role as a regional leader by increasing clean energy and other climate programming. Topics Joe Biden | clean energy | Digital India US President Joe Biden has proposed to increase the developmental assistance to India in clean energy, digital economy, and also in combating increasing authoritarianism. The proposed increase in India’s developmental assistance from USD 25 million in 2021 to USD 66 million for the fiscal 2023 is part of the State Department’s developmental assistance for the fiscal 2023, which was sent by the White House to the US Congress on Monday. The funding increase for India supports India’s role as a regional leader by increasing clean energy and other climate programming. Funds will also advance investments in the digital economy, said the State Department’s portion of the budget. Assistance will combat increasing authoritarianism, bolster human rights and strengthen civil society participation and democratic governance, the State Department said. The Biden Administration has also proposed to increase aid to India on the health sector from USD 34.5 million in 2021 to 48.5 million in 2023. Overall, the administration has proposed USD 302.2 million in developmental assistance for South Asia to promote sustainable development to resist harmful economic practices and unsustainable debt. Funding will also combat climate change by increasing investments in clean energy and adaptation to climate risks, it said. The State Department also cited a program Treasury’s Office of Technical Assistance (OTA) to India as one of its success stories. With OTA support, India’s Ministry of Housing and Urban Affairs made significant progress in its Smart Cities program to promote issuance of local project debt by cities, the State Department said. Local debt issuance in its infancy in India helps to foster greater ownership and improved planning of infrastructure and development projects, which currently range from water treatment to improved local transportation, it said. OTA previously worked with the Indian municipality of Pune to help facilitate its first bond issuance in 2017. Based on this success, OTA and the Ministry of Housing of Urban Affairs expanded collaboration to include six additional cities — Vadodara, Pimpri Chinchwad, Rajkot, Faridabad, Mangaluru and Mysuru. According to the State Department, OTA is working with the cities in coordination with the Ministry to help incorporate best practices and lessons learned from the US municipal finance system, enable better project vetting and monitoring, improve disclosure to investors, and lower the cost of capital for the regional capital improvement plan.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard. Digital Editor