The US and India Thursday announced multiple agreements including defense, technology, microchips and visa renewal to strengthen the economic and diplomatic ties between the two countries during Prime Minister Narendra Modi’s state visit on Thursday.
Some big ticket deals — like purchase of MQ9-Reaper drones and an agreement between General Electric (GE) and Hindustan Aeronautics Limited (HAL) for the co-production of GE 414 jet engines in India are already announced.
Here’s a roundup of deals:
Memory chip deal
Micron Technology, US memory chip firm, Thursday said it would invest up to $825 million in a new chip assembly and test facility in Gujarat. The memory chip company said the total investment in the facility will be $2.75 billion. Of that total, 50% will come from the Indian government and 20% from the Gujarat government. The investment will create up to 5,000 new direct jobs, the company added.
Fighter Jets
General Electric Thursday said has signed an agreement to jointly manufacture F414 engines with Hindustan Aeronautics Ltd (HAL), state-owned Indian firm, to make engines for the Tejas light-combat aircraft, as part of an effort to improve defense- and technology-sharing.
Visas
The US is likely to make it easier for Indians to live and work in the United States. The Biden administration is set to introduce in-country renewable H-1B visas, a significant decision that would help thousands of Indian professionals staying in the country to continue with their jobs without the hassle of travelling overseas for the renewal of their work visas as part of people-to-people initiative, a senior administration official said. The much-sought-after H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.
Drones
Biden and Modi are also likely to discuss a deal for MQ-9B SeaGuardian drones made by General Atomics. India will buy 31 drones made by General Atomics worth slightly over $3 billion, Bloomberg reported citing sources. The deal is expected to be announced during Modi’s visit.
Space
The two countries are likely to announcement closer cooperation in space programs exploration and to work with NASA on a joint mission to the International Space Station in 2024.Chipmaker to invest in India
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Updated: 22 Jun 2023, 10:22 PM IST
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