India, US renew defence pact; to pursue co-production projects

January 25, 2015

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New Delhi, Jan 25: Vowing to take defence ties to a "new level", India and the US today renewed their 10-year Defence Framework Agreement and agreed in principle to pursue joint development and production projects.

The new framework will enhance bilateral defence partnership by stepping up joint military exercises and through more in-depth intelligence-sharing, maritime security efforts among others.

"Today, we have also decided to take our growing defence cooperation to a new level. We have agreed, in principle, to pursue co-development and co-production of specific advanced defence projects," Prime Minister Narendra Modi said after holding extensive talks with visiting US President Barack Obama here.

Modi said this will help upgrade country's domestic defence industry and expand the manufacturing sector in India.

He added that both countries will also explore cooperation in other areas of advanced defence technologies.

The Prime Minister did not specify what these projects were.

"We have renewed our Defence Framework Agreement. We will deepen our cooperation on maritime security," he said in a joint media interaction.

Obama, who arrived today on a three-day visit, welcomed the renewal of the pact and said it will guide the bilateral defence cooperation for next ten years.

"We agreed to deepen our defence and security cooperation.... And in a major step forward for our relationship, defence technology and trade initiative will allow us to jointly develop and produce defence technologies," he said.

Obama added that both Modi and he have also agreed to a "new vision for Asia Pacific".

"We are doing together more to advance our shared security and prosperity in this critical region," he said.

The first framework agreement, which expires this year, was signed in the US in 2005 by the then Defence Minister Pranab Mukherjee and his US counterpart in the previous George W.Bush administration, Donald Rumsfeld.

The most-significant aspect would be the Defence Trade and Technology Initiative (DTTI) — aimed at enhancing the ones existing under the Defence Policy Group, which lay out the path for future defence cooperation.

The US is pushing for what it calls "transformative defence technologies" for co-development and co-production with India under DTTI, which could become the hallmark of the Modi government's 'Make-in-India' initiative.

The US has offered India 17 hi-tech items of military hardware for co-production and co-development under DTTI.

Of the 17, India is understood to be interested in five, including unarmed unmanned aerial vehicles (UAVs) and aircraft landing system for aircraft carriers.

Hectic parleys were being held between the two countries on the defence front.

Frank Kendall, Under Secretary of Defence for Acquisition, Technology and Logistics (AT&L), arrived earlier this week here to hold discussions with Indian officials to come up with some "concrete" deliverables.

He is the Pentagon's point person on India-related defence issues, in particular on the India-US Defence Trade and Technology Initiative (DTTI).

His primary objective is to continue momentum on DTTI, which promotes collaboration on defence technology and enables co-production and co-development of critical defence systems.

Defence Minister Manohar Parrikar had earlier said expansion of DTTI with the US can be expected during the high-profile visit.

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News Network
May 10,2020

New Delhi, May 10: India's COVID-19 count crossed 60 thousand on Sunday, with Maharashtra being the worst-affected due to the infection so far, according to the Union Ministry of Health and Family Welfare.

The number of total confirmed cases in the country rose to 62,939, including 19,358 patients who have been cured and discharged or migrated, according to the Ministry.

The total number of active cases in the country, therefore, stands at 41,472.

The number of deaths in the country due to the infection reached 2,109 on Sunday.

While Maharashtra, with 20,228 cases is the worst-affected state, it is followed by Gujarat with 7,796 and the national capital, Delhi, with 6,542 cases. Tamil Nadu, is marginally behind Delhi with 6,535 cases.

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News Network
July 16,2020

New Delhi, Jul 16: With the highest single-day spike of 32,695 cases and 606 deaths reported in the last 24 hours, India's COVID-19 tally on Thursday reached 9,68,876, informed the Union Ministry of Health and Family Welfare on Thursday.

The total number of COVID-19 cases includes 3,31,146 active cases, 6,12,815 cured/discharged/migrated and 24,915 deaths.

As per the Ministry, Maharashtra -- the worst-affected state from the infection -- has a total of 2,75,640 COVID-19 cases and 10,928 fatalities. While Tamil Nadu has a tally of 1,51,820 cases and 2,167 deaths due to COVID-19.

Delhi has reported a total of 1,16,993 cases and 3,487 deaths due to COVID-19.

Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,27,39,490 samples have been tested for COVID-19 till 15th July, of these 3,26,826 samples were tested yesterday.

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Agencies
June 22,2020

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

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