U.S. Government Loaning $500M for Solar Power Projects—In India

$500,000,000.00

This is in addition to an already-provided $75M according to this report
http://www.cnsnews.com/news/article/obama-administration-investing-500m-sola

What does this say about “India Shining?” If they’ve “arrived” why do they need to borrow money from the United States – never mind it’s money we don’t have – to turn around and spend it on technology that won’t outlast the life of the 18-year loan, and, to boot, spend it back in the United States?

Pardon the expression, but if it smells like shit I don’t buy it. I don’t think India should either.

JG

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One thought on “U.S. Government Loaning $500M for Solar Power Projects—In India

  1. Thanks for the post. I think the best way to get at this is not to think about “India” and “America” but the larger relations between the Indian government and elites and the US government and elites. All sorts of relations are being built up in order to (1) build a US-India alliance against China, (2) strengthen the US-India connection as opposed to the US-Pakistan, connection, which was solid during the Cold War but has been on-again, off-again since, and (3) to keep India dependent on US banks and corporations rather than others.

    Sometimes this relationship is in the forms of selling US commodities to Indian businesses and governments; sometimes it occurs in the shape of loans; sometimes in terms of aid. Recall that a loan is not a charity; the loaner loans money in order to make money and win influence. (Think about all of your interactions with banks…If you really believe you own your own home but you have a mortgage, try to miss a few payments and you’ll see who really owns it.)

    So India’s growth rate is funded by foreign capital, and the US would rather be involved than not. All formerly colonized countries are in this situation, That’s how I read this. Neither the American taxpayer not the ordinary Indian gets any benefit from this arrangement.

    Here’s an article I wrote (“India for Sale”) about Obama’s visit to India last year, a visit that was meant to establish the kind of friendly relations that had been established by Bush in his visits: http://socialistworker.org/2010/11/16/india-for-sale

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