President Donald Trump on Thursday announced he was withdrawing the United States from the historic Paris Accord, saying it was bad for his country and its economy but kept the door open for a “new transaction” on terms that are fair to the US.

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“While the US administration’s leadership seems unaware of or unconcerned with the reputational and leadership costs of such a withdrawal, the Indian government is likely quite attuned to the costs, stakes, and competitive incentives as China seeks to fill the leadership vacuum,” said Sameer Lalwani, a South Asia expert with Stimson Center, a think tank. “Prime Minister Modi also appears deeply invested in renewable energy, positioning India to take the lead in some sectors.”