Envoy Verma inaugurates photo exhibition on India-U.S. ties

U.S. Ambassador to India Richard R Verma inaugurated a photography exhibition that celebrates the growing relationship between the two nations on Thursday in New Delhi.

Photographs depicting key events that led to deepening of the India-U.S. ties were for display at the exhibit.

"The exhibit we are opening today 'Kindred Nations' demonstrates the closeness and affinity between India and the United States and as I said it has existed for hundreds of years. It is interesting if you look at the word 'Kindred', it is really deeper than affinity. 'Kindred' also refers to a natural relationship between two people and the word refers to familiar ties," said Verma.

At the invitation of Prime Minister Narendra Modi, U.S. President Barack Obama was the first U.S. president to attend India's annual Republic Day parade on January 26, a show of military might that has been associated with Cold War anti-Americanism.

During his visit, Obama pledged $4 billion in investments and loans, seeking to release what he called the "untapped potential" of a business and strategic partnership between the world's largest democracies.

Both sides built enough momentum to forge a relationship that will help balance China's rise by catapulting democratic India into the league of major world powers.

The leaders talked on first name terms, recorded a radio programme together and spent hours speaking at different events, but despite the bonhomie, Obama and Modi reminded business leaders, including the head of PepsiCo, that trade ties were still fragile.

Addressing the gathering, Verma spoke about the growing India-U.S. ties.

"I was fortunate to arrive in India during a very significant upswing in the relationship between the two countries and as you know Prime Minister Modi visited Washington in September and obviously President Obama was here in January for Republic Day and both of those visits were really unprecedented and it helped us take a big leap forward in our partnership," he said.

India accounts for only two percent of U.S. imports and one percent of its exports, Obama had said. While annual bilateral trade had reached USD 100 billion, that is less than a fifth of U.S. trade with China.

Modi said U.S. investment in India had doubled in the past four months and vowed to do more to slash the country's notorious red tape and make it one of the world's easiest places for business.

Obama said that U.S. Export-Import Bank would finance USD 1 billion in exports of 'Made-in-America' products. The U.S. Overseas Private Investment Corporation will lend USD 1 billion to small- and medium-sized enterprises in rural areas of India.

Regarding renewable energy, a key focus for Modi, USD 2 billion will be committed by the U.S. Trade and Development Agency for renewable energy, Obama said.

Most significant was an agreement on issues that, despite a groundbreaking 2006 pact, had stopped U.S. companies from setting up nuclear reactors in India and had become one of the major irritants in bilateral relations.

Obama's second visit to India was the latest upturn in a roller-coaster relationship with Washington that a year ago was scarred by protectionism and a fiery diplomatic spat.

The United States views India as a vast market and potential counterweight to China's assertiveness, but has been frustrated with the pace of New Delhi's economic reforms.