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USIBC for India-specific agreement, $50-bn fund

business Updated: Apr 24, 2012 20:50 IST

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The USIBC has proposed to the White House an India-specific economic cooperation agreement and the setting up of a $50 billion sovereign debt fund in collaboration with India.

The suggestions are part of a five-point proposal that the council has put forth to the Obama administration, which it said will reinvigorate bilateral economic ties.

Topping the list is a $50-billion sovereign debt fund, with collaboration between India and the US; a unique NASDAQ-like exchange in Bangalore and massive collaboration in energy sector including shale gas technology to help India address its energy challenges.

The USIBC has entrusted Peterson Institute for International Economics, a Washington-based think tank, to prepare an initial report on the proposed agreement.

These proposals have been developed by the USIBC following a series of brain-storming session of leaders from India and the US.