India&#39;s defence procurement agency has cleared a proposal to buy 145 M777 Ultra Lightweight Howitzer artillery guns from BAE Systems, a British multinational defence, security and aerospace company, in a deal worth an estimated $750 million, a defence ministry source said today. 
 
Under the deal, 120 of the 145 guns will be assembled in India, said the source, who asked not to be identified in line with defence ministry rules. 
 
Indian Prime Minister Narendra Modi wants to upgrade the country&#39;s military hardware by replenishing its range of artillery weapons after years of delays in ordering new equipment. 
 
But Modi wants deals with foreign companies to include the setting up of factories and plants in India to boost the local industry. 
 
BAE said in February it had chosen Indian conglomerate Mahindra Group to build a plant for the assembly of Howitzer artillery guns it hopes to sell to India. 
 
The source said the proposal would soon be communicated to the United States, where BAE manufactures the weapons. 
 
(Reuters)

Worth an estimated $750 million, India's defence procurement agency will buy M777 Ultra Lightweight Howitzer artillery guns from BAE Systems

India's defence procurement agency has cleared a proposal to buy 145 M777 Ultra Lightweight Howitzer artillery guns from BAE Systems, a British multinational defence, security and aerospace company, in a deal worth an estimated $750 million, a defence ministry source said today. Under the deal, 120 of the 145 guns will be assembled in India, said the source, who asked not to be identified in line with defence ministry rules. Indian Prime Minister Narendra Modi wants to upgrade the country's military hardware by replenishing its range of artillery weapons after years of delays in ordering new equipment. But Modi wants deals with foreign companies to include the setting up of factories and plants in India to boost the local industry. BAE said in February it had chosen Indian conglomerate Mahindra Group to build a plant for the assembly of Howitzer artillery guns it hopes to sell to India. The source said the proposal would soon be communicated to the United States, where BAE manufactures the weapons. (Reuters)

India clears deal to buy 145 artillery guns from British security firm

Indian markets are set to open lower on Monday after Reserve Bank of India (RBI) governor Raghuram Rajan unexpectedly said he will step down in September, though the central bank is likely to step in to support the Rupee, analysts and traders said. 
 
Traders predicted the Rupee would likely fall by 0.15 to 0.20 Rupees per Dollar at the start of trading, but that the RBI would intervene to prevent excessive volatility. 
 
The Rupee closed at 67.0775/67.0875 per Dollar on Friday. 
 
The 10-year benchmark bond yield was seen rising 3-5 basis points after closing at 7.50 per cent on Friday, while shares were forecast to fall at the open. 
 
Any volatility could be magnified given the surprise news that Rajan would step down after just one three-year term comes ahead of a UK referendum on Thursday about whether to leave the European Union, which has kept global investors on tenterhooks. 
 
Still, analysts said markets would stabilise as investors await word on who will be appointed as the next RBI Governor, with RBI deputy governor Urjit Patel and State Bank of India chair-managing director Arundhati Bhattacharya seen as potential replacements. 
 
&quot;There should be a knee-jerk reaction on the Rupee,&quot; said Ashtosh Raina, head of foreign exchange with HDFC Bank. &quot;Then the market will normalise. I think the government would already be on the job to find a suitable replacement.&quot; 
 
Rajan, a former International Monetary Fund chief economist, has been popular with foreign investors for his efforts to tackle inflation and helping to rescue India from its worst crisis in more than two decades when he took the helm in 2013. 
 
But he has faced mounting criticism from a faction within Indian Prime Minister Narendra Modi&#39;s ruling party for keeping interest rates high and over a perception he had begun to stray into politics. 
 
A senior official at a foreign bank said clients were already starting to call him. 
 
&quot;There are concerns. We have started seeing messages from foreign clients whether politics has taken over central banking. They are asking what&#39;s happening in India,&quot; he said, declining to be identified discussing conversations with clients. 
 
Still, analysts said markets would likely withstand any initial volatility, and expressed confidence the government would come up with an appointment that could gain the confidence of investors. 
 
&quot;The timing is certainly bad,&quot; said Rupa Rege Nitsure, group chief economist with L&amp;T Finance Holdings in Mumbai. 
 
&quot;I have confidence in the credibility of the RBI as a public institution and I&#39;m sure whoever fills in his shoes will be able to shoulder the challenge with the help of RBI &#39;s internal talent and skills.&quot; 
(Reuters)

Reserve Bank of India governor Raghuram Rajan unexpectedly said he will step down in September

Indian markets are set to open lower on Monday after Reserve Bank of India (RBI) governor Raghuram Rajan unexpectedly said he will step down in September, though the central bank is likely to step in to support the Rupee, analysts and traders said. Traders predicted the Rupee would likely fall by 0.15 to 0.20 Rupees per Dollar at the start of trading, but that the RBI would intervene to prevent excessive volatility. The Rupee closed at 67.0775/67.0875 per Dollar on Friday. The 10-year benchmark bond yield was seen rising 3-5 basis points after closing at 7.50 per cent on Friday, while shares were forecast to fall at the open. Any volatility could be magnified given the surprise news that Rajan would step down after just one three-year term comes ahead of a UK referendum on Thursday about whether to leave the European Union, which has kept global investors on tenterhooks. Still, analysts said markets would stabilise as investors await word on who will be appointed as the next RBI Governor, with RBI deputy governor Urjit Patel and State Bank of India chair-managing director Arundhati Bhattacharya seen as potential replacements. "There should be a knee-jerk reaction on the Rupee," said Ashtosh Raina, head of foreign exchange with HDFC Bank. "Then the market will normalise. I think the government would already be on the job to find a suitable replacement." Rajan, a former International Monetary Fund chief economist, has been popular with foreign investors for his efforts to tackle inflation and helping to rescue India from its worst crisis in more than two decades when he took the helm in 2013. But he has faced mounting criticism from a faction within Indian Prime Minister Narendra Modi's ruling party for keeping interest rates high and over a perception he had begun to stray into politics. A senior official at a foreign bank said clients were already starting to call him. "There are concerns. We have started seeing messages from foreign clients whether politics has taken over central banking. They are asking what's happening in India," he said, declining to be identified discussing conversations with clients. Still, analysts said markets would likely withstand any initial volatility, and expressed confidence the government would come up with an appointment that could gain the confidence of investors. "The timing is certainly bad," said Rupa Rege Nitsure, group chief economist with L&T Finance Holdings in Mumbai. "I have confidence in the credibility of the RBI as a public institution and I'm sure whoever fills in his shoes will be able to shoulder the challenge with the help of RBI 's internal talent and skills." (Reuters)

Economist stepping down as Indian central bank governor set to hit markets

Speaker of the US House of Representatives,&nbsp;Paul Ryan, has said that the Indian government is going to be America&#39;s &quot;great ally&quot;, and there is a need to nurture this relationship.
In a major foreign policy speech in which he was highly critical of President Barack Obama&#39;s policies, the US-India relationship was the only aspect of it which was appreciated by Ryan.
&quot;I think you need, in particular, specifically under Modi&#39;s leadership, and he and I have discussed this at great length yesterday, (US-India) have a great potential for the future. Particularly with the seas, in the Pacific and in the Indian Ocean, making sure that we help police the global commons and international order. Namely China building, you know, runways on islands in contested areas,&quot; Ryan said.

He said this in the speech at the Council on Foreign Relations on Thursday, a day after Prime Minister Narendra Modi addressed a joint meeting of the US Congress at his invitation.
Modi was the first foreign leader to be invited to address a joint sitting of the Congress under Ryan&#39;s speakership.&nbsp;On Wednesday, Modi and Ryan had a one-on-one interaction before the Prime Minister&#39;s address. Ryan also hosted a lunch for the visiting leader.

A day later, Ryan was all in praise for Modi.&nbsp;&quot;I think the Indian (government), the new Indian government, is going to be a great ally of ours and we have better security cooperation with them. That&#39;s one thing that we need to nurture and grow,&quot; Ryan told the audience at the Council on Foreign Relations, a top American think tank.

&quot;And those of us who are fans of Modi, you know, he&#39;s a conservative who wants, who embraces, free enterprise. He&#39;s bringing needed reform to the country,&quot; Ryan said, according to the remarks released by his office.

&quot;That&#39;s the kind of an alliance that we need to forge and build upon. That stands in stark contrast, I would argue, to the Obama foreign policy of the last eight years where we have neglected our allies and we have basically rewarded our enemies, our adversaries,&quot; said the Speaker of the US House of Representatives.

Except for his comments on India, Ryan slammed Obama&#39;s foreign policy.&nbsp;&quot;We know that this new Obama foreign policy concept, leading from behind, can now be declared an unambiguous failure. It is making us unprepared. It is reducing our military capability and strength,&quot; he alleged.

Though Ryan, Speaker of the US House of Representatives, criticised most of Obama's policies, he appreciated the US-India relationship

Speaker of the US House of Representatives, Paul Ryan, has said that the Indian government is going to be America's "great ally", and there is a need to nurture this relationship. In a major foreign policy speech in which he was highly critical of President Barack Obama's policies, the US-India relationship was the only aspect of it which was appreciated by Ryan. "I think you need, in particular, specifically under Modi's leadership, and he and I have discussed this at great length yesterday, (US-India) have a great potential for the future. Particularly with the seas, in the Pacific and in the Indian Ocean, making sure that we help police the global commons and international order. Namely China building, you know, runways on islands in contested areas," Ryan said. He said this in the speech at the Council on Foreign Relations on Thursday, a day after Prime Minister Narendra Modi addressed a joint meeting of the US Congress at his invitation. Modi was the first foreign leader to be invited to address a joint sitting of the Congress under Ryan's speakership. On Wednesday, Modi and Ryan had a one-on-one interaction before the Prime Minister's address. Ryan also hosted a lunch for the visiting leader. A day later, Ryan was all in praise for Modi. "I think the Indian (government), the new Indian government, is going to be a great ally of ours and we have better security cooperation with them. That's one thing that we need to nurture and grow," Ryan told the audience at the Council on Foreign Relations, a top American think tank. "And those of us who are fans of Modi, you know, he's a conservative who wants, who embraces, free enterprise. He's bringing needed reform to the country," Ryan said, according to the remarks released by his office. "That's the kind of an alliance that we need to forge and build upon. That stands in stark contrast, I would argue, to the Obama foreign policy of the last eight years where we have neglected our allies and we have basically rewarded our enemies, our adversaries," said the Speaker of the US House of Representatives. Except for his comments on India, Ryan slammed Obama's foreign policy. "We know that this new Obama foreign policy concept, leading from behind, can now be declared an unambiguous failure. It is making us unprepared. It is reducing our military capability and strength," he alleged.

Paul Ryan believes Indian government is going to be America's 'great ally'

Indian Prime Minister Narendra Modi attended Congressional Reception jointly hosted by Foreign Relations Committees and India Caucus in Washington DC on Wednesday. 
 
Addressing the gathering, Modi called for India-US collaboration to solve issues like global warming and climate change. 
 
&quot;Be it global problems like climate change, global warming, poverty or heath concerns, we can together find solutions for the world. We must use our skills, our intelligence, our resources and commit ourselves to move forward. I think my journey this time, my two-day visit to the United States has only reinforced this commitment,&quot; said Modi. 
 
Earlier in the day, Modi became the fifth Indian to address the joint session of US Congress. 
 
Modi called for a closer security relationship between his country and the United States as he stressed on the importance of warming ties between the two countries. 
 
He dedicated much of the speech to the importance of fighting militancy, thanking Congress for US support after a Pakistan-based military group&#39;s rampage in Mumbai killed 166 people in 2008. 
 
He leavened the speech to lawmakers, the first such address by an international leader since Pope Francis&#39; in September, with jokes about Congress&#39; bitter partisan divide and yoga. But Modi used it to make serious points about India&#39;s neighbour and arch-rival Pakistan and regional concerns about Chinese expansionism. 
 
In a 45-minute speech interrupted by cheers and at least eight standing ovations, the 65-year-old Indian leader said deeper US-Indian security cooperation should isolate anyone who harbours, supports or sponsors terrorists. 
 
Modi is on the US leg of an international tour. On Tuesday, he met with President Barack Obama at the White House, where the two leaders said India has agreed to work toward joining the Paris Agreement on climate change this year and discussed security and cyber-security issues. 
 
The visit, two years after Modi became prime minister, capped an improving relationship between New Delhi and the United States. Before he was elected, Modi was barred from even entering the country because of concerns about his handling of 2002 riots that killed at least 1,000 people, mostly Muslims. 
 
After the Congressional reception, Modi left for a day-long visit to Mexico. He will arrive in New Delhi this Friday.

Modi said that US and India should deepen their security cooperation and isolate anyone who harbours, supports or sponsors terrorists

Indian Prime Minister Narendra Modi attended Congressional Reception jointly hosted by Foreign Relations Committees and India Caucus in Washington DC on Wednesday. Addressing the gathering, Modi called for India-US collaboration to solve issues like global warming and climate change. "Be it global problems like climate change, global warming, poverty or heath concerns, we can together find solutions for the world. We must use our skills, our intelligence, our resources and commit ourselves to move forward. I think my journey this time, my two-day visit to the United States has only reinforced this commitment," said Modi. Earlier in the day, Modi became the fifth Indian to address the joint session of US Congress. Modi called for a closer security relationship between his country and the United States as he stressed on the importance of warming ties between the two countries. He dedicated much of the speech to the importance of fighting militancy, thanking Congress for US support after a Pakistan-based military group's rampage in Mumbai killed 166 people in 2008. He leavened the speech to lawmakers, the first such address by an international leader since Pope Francis' in September, with jokes about Congress' bitter partisan divide and yoga. But Modi used it to make serious points about India's neighbour and arch-rival Pakistan and regional concerns about Chinese expansionism. In a 45-minute speech interrupted by cheers and at least eight standing ovations, the 65-year-old Indian leader said deeper US-Indian security cooperation should isolate anyone who harbours, supports or sponsors terrorists. Modi is on the US leg of an international tour. On Tuesday, he met with President Barack Obama at the White House, where the two leaders said India has agreed to work toward joining the Paris Agreement on climate change this year and discussed security and cyber-security issues. The visit, two years after Modi became prime minister, capped an improving relationship between New Delhi and the United States. Before he was elected, Modi was barred from even entering the country because of concerns about his handling of 2002 riots that killed at least 1,000 people, mostly Muslims. After the Congressional reception, Modi left for a day-long visit to Mexico. He will arrive in New Delhi this Friday.

Indian Prime Minister Narendra Modi attends Congressional Reception in Washington DC

The who&#39;s who of America Inc, including e-commerce giant Amazon&#39;s Jeff Bezos, PepsiCo&#39;s Indra Nooyi, Boeing&#39;s Mark Allen and Lockheed Martin&#39;s Marillyn Hewson, attended the roundtable held at Central Green Room Gallery of Andrew W. Mellon Auditorium. 
 
Bezos announced that his company will invest an additional $3 billion in India, Amazon&#39;s fastest growing region. This will boost Amazon&#39;s committed investment in India to over $5 billion. 
 
Foreign ministry spokesperson Vikas Swarup said in a tweet that Modi invited the US business leaders &quot;to work more closely with India and in India&quot;. 
 
The Prime Minister also &quot;outlined strengths of Indian economy and its talented workforce,&quot; Swarup posted on Twitter. 
 
US Secretary of Commerce Penny Pritzker and several top Indian business leaders were also present at the meeting. 
 
Earlier in the day, Modi held a closed-door meeting with Obama during which they discussed significant issues of bilateral interests. 
 
Prior to the US, the Indian prime minister visited Afghanistan, Qatar and Switzerland on his five-nation tour aimed at expanding India&#39;s trade, energy and security cooperation. He will end his tour in Mexico.

Amazon's founder and CEO Jeff Bezos announced that the e-commerce giant will invest an additional $3 billion in India

The who's who of America Inc, including e-commerce giant Amazon's Jeff Bezos, PepsiCo's Indra Nooyi, Boeing's Mark Allen and Lockheed Martin's Marillyn Hewson, attended the roundtable held at Central Green Room Gallery of Andrew W. Mellon Auditorium. Bezos announced that his company will invest an additional $3 billion in India, Amazon's fastest growing region. This will boost Amazon's committed investment in India to over $5 billion. Foreign ministry spokesperson Vikas Swarup said in a tweet that Modi invited the US business leaders "to work more closely with India and in India". The Prime Minister also "outlined strengths of Indian economy and its talented workforce," Swarup posted on Twitter. US Secretary of Commerce Penny Pritzker and several top Indian business leaders were also present at the meeting. Earlier in the day, Modi held a closed-door meeting with Obama during which they discussed significant issues of bilateral interests. Prior to the US, the Indian prime minister visited Afghanistan, Qatar and Switzerland on his five-nation tour aimed at expanding India's trade, energy and security cooperation. He will end his tour in Mexico.

Indian PM Modi meets top US CEOs in Washington

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India clears deal to buy 145 artillery guns from British security firm

Economist stepping down as Indian central bank governor set to hit markets

Paul Ryan believes Indian government is going to be America's 'great ally'

Indian Prime Minister Narendra Modi attends Congressional Reception in Washington DC

Indian PM Modi meets top US CEOs in Washington