Indian Prime Minister Narendra Modi and U.S. President Joe Biden are expected to announce multiple agreements on Thursday to strengthen the economic and diplomatic ties between the two countries and highlight new private sector investments.
Here's a roundup:
VISAS
The Biden administration will make it easier for Indians to live and work in the United States. The State Department could announce as soon as Thursday that a small number of Indians and other foreign workers on H-1B visas will be able to renew those visas in the U.S. without having to travel abroad, one source said, part of a pilot program that could be expanded in coming years.
CHIPMAKER TO INVEST IN INDIA
U.S. memory chip firm Micron Technology (MU.O) said on Thursday it would invest up to $825 million in a new chip assembly and test facility in Gujarat, India, its first factory in the country. Micron said that with support from the Indian central government and from the state of Gujarat, the total investment in the facility will be $2.75 billion. Of that total, 50% will come from the Indian central government and 20% from the state of Gujarat.
FIGHTER JETS
General Electric's (GE.N) aerospace unit said on Thursday it has signed an agreement with India's state-owned Hindustan Aeronautics Ltd (HIAE.NS) to make fighter jet engines for the Indian Air Force. The agreement includes the potential joint production of GE Aerospace's F414 engines in India and the engines will be used to power Tejas fighter jets, GE said.
DRONES
India's defence ministry has approved the procurement of U.S.-made armed MQ-9B SeaGuardian drones, sources told Reuters. India will buy 31 drones made by General Atomics worth slightly over $3 billion, one of the sources said.
The deal is expected to be announced during Modi's visit.
SPACE
India agreed to join the U.S.-led Artemis Accords on space exploration and to work with NASA on a joint mission to the International Space Station in 2024.
