NEW DELHI: While India was quick to join the US-led economic grouping Indo-Pacific Economic Framework (IPEF), it stopped short c endorsing another initiative by the US and other Western countries, the $600 billion Partnership for Global Infrastructure and Investment (PGII), aimed at countering China’s Belt and Road Initiative (BRI) in lov and middle-income countries.
Significantly, the US has already announced investment worth $30 million for a Fund promoting food security in India under the PGII which, according to the White House, will deliver "game-changing"
projects to close the infrastructure gap in the developing world.
Although announced last year, the PCI I was formally launched by the G7 countries in Germany this week with the US committing mobilisation of $200 billion over the next 5 years. Foreign secretary Vinay Kwatra said though India will have to seethe details of the initiative to be able to speak specifically on it.
Kwatra clarified there were only two outcome documents pertaining to the G7 and the Outreach countries (India, Argentina, Senegal, South Africa and Indonesia) together.
"One was on the resilient democracy (statement) and the second one was essentially the Chair's summary on the Just Energy transition partnership. I think the initiative (PGM)...if my understanding is correct is a separate G7 initiative and to my recollection, unless you know there is some other input, I think it is not the G7 Outreach initiative," said Kwatra, while responding to a query on the PGII initiative.
According to a White House fact sheet released earlier this week, the US International Development Finance Corporation (DFC) will invest up to $30 million in Omnivore Agritech and Climate Sustainability Fund 3, an impact venture capital fund that invests in companies looking to increase food security and promote "both climate resilience and climate adaptation in India, as well as improve the profitability and agricultural productivity of smallholder farms.'
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