India, US ink pact for promotion of energy-efficient business

India and the USA today signed an agreement to establish a bilateral energy cooperation programme under which the two countries will promote clean and energy-efficient businesses.

The India-US Energy Cooperation Programme will mobilise private sector expertise and resources to address important energy-related issues in India and the USA.

The Planning Commission and the ministries dealing with the energy sector would be the nodal agency for implementation of the programme, with Deputy Chairman Planning Commission Montek Singh Ahluwalia as the authorised signatory for India.

The signatories from the US would be US Department of Commerce Secretary Gary Locke and US Trade and Development Agency Director Leocadia I Zak.

The agreement was signed between dignitaries from both sides today in the wake of US President Barack Obama's three-day-long visit to India.

The programme would fund studies and related projects for clean and efficient best energy practices.

The agreement would be valid until such time that any signatory decides to opt out upon written notification to the other signatory.