Berliner Boersenzeitung - US rolls out red carpet to Modi with chips, jets investment

EUR -
AED 4.092924
AFN 72.441335
ALL 90.604799
AMD 404.328906
ANG 1.994678
AOA 1023.091852
ARS 1722.63001
AUD 1.622193
AWG 2.006062
AZN 1.899515
BAM 1.951595
BBD 2.2542
BDT 139.559331
BGN 1.947921
BHD 0.422288
BIF 3348.450829
BMD 1.114479
BND 1.430959
BOB 13.275399
BRL 6.222245
BSD 1.119388
BTN 105.198359
BWP 15.356777
BYN 3.351474
BYR 21843.787311
BZD 2.25123
CAD 1.584382
CDF 2580.019043
CHF 0.922911
CLF 0.027867
CLP 1096.769632
CNY 7.433964
CNH 7.432828
COP 3686.428873
CRC 506.306931
CUC 1.114479
CUP 26.864881
CVE 110.027954
CZK 24.361507
DJF 199.300223
DKK 7.475529
DOP 67.893424
DZD 152.256787
EGP 59.774185
ERN 16.717184
ETB 179.598353
FJD 2.519857
FKP 0.836624
GBP 0.836656
GEL 2.89598
GGP 0.836624
GHS 13.10776
GIP 0.836624
GMD 82.471349
GNF 9916.59101
GTQ 8.553572
GYD 234.554671
HKD 8.743477
HNL 30.091157
HRK 7.543919
HTG 146.720611
HUF 364.475297
IDR 20246.014572
ILS 3.534849
IMP 0.836624
INR 104.329942
IQD 1696.928877
IRR 2124280.454419
ISK 136.802071
JEP 0.836624
JMD 177.655661
JOD 0.790165
JPY 177.017119
KES 144.860251
KGS 97.460959
KHR 4565.185156
KMF 492.600023
KPW 1003.031007
KRW 1485.087442
KWD 0.346648
KYD 0.932782
KZT 499.748847
LAK 25194.928305
LBP 100236.400804
LKR 372.005207
LRD 190.288332
LSL 18.350589
LTL 3.290767
LVL 0.674137
LYD 7.175541
MAD 10.919176
MDL 20.114034
MGA 5115.45806
MKD 61.542793
MMK 2340.1222
MNT 4015.973573
MOP 9.044334
MRU 45.155513
MUR 52.57029
MVR 17.169762
MWK 1941.000853
MXN 20.704345
MYR 4.540834
MZN 71.225937
NAD 18.351
NGN 1500.578936
NIO 40.957263
NOK 10.638404
NPR 168.31662
NZD 1.992532
OMR 0.428535
PAB 1.119388
PEN 3.814779
PGK 5.013205
PHP 70.420562
PKR 309.57754
PLN 4.398401
PYG 6909.06109
QAR 4.080409
RON 5.343142
RSD 117.641101
RUB 92.331298
RWF 1656.117168
SAR 4.187115
SBD 9.016967
SCR 15.394883
SDG 670.358157
SEK 11.035548
SGD 1.428745
SHP 0.835097
SLE 25.520776
SLL 23370.071127
SOS 639.716043
SRD 41.844251
STD 23067.464026
STN 24.447111
SVC 9.79481
SYP 14490.454884
SZL 18.356452
THB 37.457677
TJS 10.286945
TMT 3.900676
TND 3.34294
TOP 2.683398
TRY 55.982763
TTD 7.591576
TWD 36.607325
TZS 2946.005856
UAH 50.912057
UGX 4567.160419
USD 1.114479
UYU 45.292016
UZS 13403.761862
VES 1003.577698
VND 28582.484249
VUV 133.533734
WST 3.106119
XAF 655.957
XAG 0.021033
XAU 0.000274652382
XCD 3.011935
XCG 2.017336
XDR 0.787994
XOF 655.957
XPF 119.331742
YER 263.568898
ZAR 18.432078
ZMK 10031.652605
ZMW 22.803394
ZWL 358.861765
SSP 6403.124549
MXV 2.326334
  • CMSD

    -0.1200

    19.81

    -0.61%

  • JRI

    0.0000

    10.77

    0%

  • BCC

    -1.8200

    74.15

    -2.45%

  • CMSC

    -0.2228

    19.53

    -1.14%

  • BCE

    0.2000

    20.34

    +0.98%

  • RIO

    0.0100

    94.17

    +0.01%

  • AZN

    -2.7400

    161.47

    -1.7%

  • GSK

    -1.1800

    48.17

    -2.45%

  • RBGPF

    0.0000

    65

    0%

  • NGG

    0.8800

    75.82

    +1.16%

  • RYCEF

    -0.7300

    19.08

    -3.83%

  • BTI

    -0.4500

    54.4

    -0.83%

  • BP

    0.4700

    43.99

    +1.07%

  • RELX

    -0.0600

    33.18

    -0.18%

  • VOD

    -0.1800

    16.15

    -1.11%

US rolls out red carpet to Modi with chips, jets investment
US rolls out red carpet to Modi with chips, jets investment / Photo: Mandel NGAN - AFP

US rolls out red carpet to Modi with chips, jets investment

US President Joe Biden on Thursday rolled out the red carpet for Indian Prime Minister Narendra Modi with major deals on fighter-jet engines, semiconductors and space, as Washington bets big on New Delhi as a counterweight to China.

Text size:

Modi is being feted with the pomp of a state visit, only the third of Biden's presidency, in a calculated show of full-throated US support, despite quiet unease over India's refusal to break with Russia and what rights groups see as growing authoritarianism by the Hindu nationalist leader.

Modi, India's most powerful prime minister in decades, dined privately with Biden on Wednesday before he returns Thursday to the White House for a welcome with military honors.

He will address a joint session of Congress and return to the White House for a gala dinner, with First Lady Jill Biden tapping a star Californian plant-based chef, Nina Curtis, to cook for the strictly vegetarian prime minister.

The White House said the two leaders will take questions from the press, while stopping short of calling the event a press conference. Modi has nearly always avoided unscripted interactions with reporters during his nine years in office.

In one of the biggest agreements of the visit, that a US official described as "trailblazing," the United States signed off on a technology transfer for engines as India begins producing homegrown fighter jets.

General Electric will have the green light to produce its F414 engines jointly with state-owned Hindustan Aeronautics.

A US official said India would also buy MQ-9B SeaGuardians, high-precision armed drones. India in 2019 broke precedent with an airstrike in Pakistani territory against an alleged extremist camp.

Washington hopes a tighter defense relationship will help wean India off Russia, New Delhi's primary military supplier during the Cold War.

India has refused to join Western efforts to isolate Russia over its invasion of Ukraine and instead has seized on the crisis to buy discounted Russian oil.

In one long-running point of contention, India has been angered by US sales of F-16 fighter jets to its historic rival Pakistan.

- India as rival hub to China -

In another agreement, US chip giant Micron will invest $800 million in a semiconductor assembly and testing plant in India, which is expected to reach $2.75 billion after contributions from New Delhi.

A US official said the plant would advance a goal of diversifying supply chains of advanced semiconductors, as Biden leads a concerted effort to deny exports of top-end chips to China.

Micron nonetheless also recently announced a $600 million investment in a factory in China, despite Beijing putting pressure on the company by declaring its chips unsafe for critical infrastructure projects.

India, a growing power in space, also agreed during Modi's visit to join the Artemis Accords, a US-led multinational effort to put a human back on the Moon by 2025.

As part of the cooperation, India's space program will work with NASA on a joint mission to the International Space Station next year, the White House said.

The United States has been seeking a closer relationship with India since the late 1990s, seeing the billion-plus democracy as like-minded on the challenges both of China and radical Islamism.

Biden already welcomed Modi to the White House as part of a summit of the so-called Quad -- an initiative of four democracies including Japan and Australia that is widely seen as countering China's influence in Asia.

- Rights concerns -

Modi had developed a close relationship with Biden's predecessor Donald Trump, endearing himself by arranging a massive rally in his home state of Gujarat for the fellow right-wing populist.

The Biden administration has vowed a greater focus globally on human rights but has kept a light touch with Modi, who has exerted the Hindu majority's identity in officially secular India.

The State Department in its latest report on religious freedom pointed to attacks by police and vigilantes against minorities and inflammatory statements by members of Modi's Bharatiya Janata Party.

Representative Alexandria Ocasio-Cortez, a prominent progressive Democrat, said Wednesday she would boycott Modi's speech, joining two of her congressional allies who are Muslim, Ilham Omar and Rashida Tlaib.

Ocasio-Cortez pointed out that Modi was banned from the United States during his tenure as Gujarat's leader over riots in which mostly Muslims died, and that his government recently cracked down on the BBC over a documentary critical of his role on the 2002 violence.

Saying the US Congress should not invite leaders with "deeply troubling human rights records," Ocasio-Cortez called for a boycott in support of "pluralism, tolerance and freedom of the press."

But most Democrats are expected to attend the speech and the Biden administration has refrained from public criticism of Modi, seeing broader interests with India converging.

(A.Berg--BBZ)