Category — Politics
In the last week of December, President Barack Obama signed a legislation that codifies India as a “Major Defense Partner”, a definition that institutionalizes and commits future government, unless recalled. The intent of the legislation is to bolster India as “predominant security provider in the Indian Ocean Region”, and direct the administration to appoint an official to directly oversee United States-India defense trade, security cooperation, and co-production and co-development opportunities, identify impediments, and resolve them.
The first report under this law will come in around June from the administration of President Donald Trump, who has said, at an election rally in November, India and the U.S. will be “best friends” on his watch, reports the Hindustan Times.
January 19, 2017 No Comments
The U.S. Congress has cleared legislation for designating India as a “major defense partner”, with the Senate passing the $618 billion American defense budget for 2017. The bill was passed earlier by the U.S. House of Representatives by 375-34 votes, and President Barack Obama is expected to sign it into law.
“The designation of a ‘Major Defense Partner’ gives a special status to India, apart from institutionalizing the progress made to facilitate defense trade and technology sharing with India to a level at par with that of the U.S.’ closest allies and partners,” a joint statement issued after their meeting said. “The major defense partner [status] eases the process of licensing for military and dual-use items. It streamlines the process and reduces India’s licensing requirements,” an official said.
Officials also said that the progress achieved under initiatives such as the Defense Technology Trade Initiative and the India Rapid Reaction Cell in the Pentagon would continue in the next U.S. administration as it is now enshrined in the US law.
India and the U.S. are expected to announce a major new project under the Defense Technology Trade Initiative by year-end, reports Defense World.
December 16, 2016 No Comments
CNN Politics reports that outgoing U.S. Defense Secretary Ash Carter was in Delhi in the second week of December in a last bid to boost relations with an ally that could prove crucial to U.S.-India defense relations.
December 14, 2016 No Comments
The House and Senate Armed Services Committee have asked the Defense Secretary and the U.S. Secretary of State to conduct an assessment of India’s capabilities to support and carry out military operations of mutual interest, and to take steps necessary to recognize India as America’s major defense partner in a bid to strengthen bilateral security cooperation.
The proposal is included in National Defense Authorization Bill has been agreed upon by both the Republican and the Democratic Party. Once passed by Congress during its lame duck session, President Obama can sign it into law.
It seeks approval and facilitation of transfer of advanced technology, consistent with U.S. conventional arms transfer policy, to support combined military planning with India’s military for missions such as humanitarian assistance and disaster relief, counter piracy, freedom of navigation, maritime domain awareness missions and to promote weapons systems interoperability, reports NDTV.
Senator John McCain, chairman of the Senate Foreign Relations Committee said, it “enhances security cooperation between the United States and India“.
Defense Secretary Ashton Carter is visiting India to review the progress achieved in deepening defense ties over the last three years before the change of administration in the U.S.
December 7, 2016 No Comments
India’s corporate affairs ministry issued final rules for registering and regulating insolvency professional agencies, which will be critical facets in the introduction of India’s bankruptcy code.
Under the rules, a company must have a minimum net worth of $1.6 million and paid-up share capital of $800,000 to qualify for registration as an insolvency professional agency (IPA). Control of the IPA will be with Indian residents. IPAs will need to ensure compliance with the regulations and guidelines issued under the Bankruptcy Code. The regulations further require a minimum of seven directors on every IPA governing board, reports Mint.
The law on bankruptcy will apply to individuals, companies, limited liability partnerships and partnership firms, as well as corporations, and it will create a complementary ecosystem, including insolvency professionals, information utilities and a bankruptcy regulator.
November 30, 2016 No Comments