I2U2Summit: Investment of $ 2.3 billion for India
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “I2U2Summit: Investment of $ 2.3 billion for India“
The first virtual summit of newly made I2U2 group was held recently in which UAE and USA has committed to invest 2.3 billion US dollar in India.
The United Arab Emirates (UAE) announced an invest $2 billion (about Rs 15,500 crore) in India for developing a series of integrated food parks and the United States (US) has committed to set up a hybrid renewable energy project in Dwarka, Gujarat, with an investment of $330 million (about 2,500 crore) under the framework of I2U2.
First summit of I2U2:
Prime Minister Narendra Modi has participated in the virtual meeting of I2U2 and said that group has set a positive agenda right from the first summit.
I2U2 was strategist during a meeting of the foreign ministers of the four countries in October last year.
I2U2 which has been known as the West Asian Quad has harmonized to extend joint investment in six critical areas: water, energy, transportation, space, health, and food security.
Investment for India:
India would be stand itself as a global supply chain hub in the renewable space through the investment in the food parks that will incorporate climate-smart technologies to reduce food waste, conserve fresh water, and employ renewable energy sources and in the hybrid renewable energy project which will includes of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system.
US President Joe Biden believed that the food parks had the capacity to sustainably increase India’s food yields threefold in just five years and the hybrid renewable energy project with battery storage system might be going to help India to attain climate and energy goal of 500 megawatts of non-fossil fuel capacity by 2030.
As per conclusion of summit, the food corridors could be built in Gujarat and Madhya Pradesh focusing on food items such as banana, potato, rice, spices and onions.
The $330-million investment in clean energy projects would be provided by the US Trade and Development Agency and the UAE-based companies are searching for opportunities to serve as critical knowledge and investment partners.
Question & Answer:
Q1. How much billion dollar of investment will be made by USA in India under I2U2 frame work?
Ans. 300 million dollar
Q2. Which countries are included in I2U2 group?
Ans. India, Israel, USA and UAE
Q3. How much billion dollar will be invested by UAE in India for developing integrated food parks?
Ans. $2 billion