On 21 September 2024, India signed agreements under the Indo-Pacific Economic Framework (IPEF) for Clean Economy, Fair Economy, and an overarching IPEF arrangement during Prime Minister Modi’s visit to the US.
IPEF Clean Economy Agreement (Pillar-III)
The Clean Economy Agreement focuses on boosting technical cooperation and clean energy technology deployment. It aims to accelerate renewable energy investments and provide concessional financing for MSMEs. Initiatives like the IPEF Catalytic Capital Fund, with USD 33 million (Rs 2.74 billion), will catalyze private investments in climate-friendly technologies.
IPEF Fair Economy Agreement (Pillar-IV)
This agreement aims to enhance transparency in trade and combat corruption. It will improve tax administration, cross-border investigations, and asset recovery, strengthening India’s efforts against money laundering and terror financing.
Investments and Opportunities
At the IPEF Investor Forum, USD 23 billion (Rs 1.91 trillion) in infrastructure projects were identified, including USD 4 billion (Rs 332 billion) from India. The US International Development Finance Corporation committed USD 1.5 billion (Rs 124.5 billion) for energy transition and digital inclusion projects.