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There are few better partners than the United States of America and India: Prime Minister Narendra Modi

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Prime Minister Narendra Modi said on Wednesday 22 July that there are few better partners than the United States of America and India – two vibrant democracies with shared values.

The Pm was delivering the keynote address at the India Ideas Summit hosted by the US-India Business Council. This year marks the 45th anniversary of the formation of the Council. The theme for this year’s India Ideas Summit is ‘Building a Better Future’.

Modi, thanked the US-India Business Council for inviting him to address the ‘India Ideas Summit’. Congratulaing the USIBC on its forty-fifth anniversary, the PM said over the past decades, the USIBC has brought Indian and American business closer

The US-India friendship has scaled many heights in the past. Now it is time our partnership plays an important role in helping the world bounce back faster after the pandemic

Modi said the rise of India means a rise in trade opportunities with a nation that you can trust, a rise in global integration with increasing openness, a rise in your competitiveness with access to a market which offers scale

Every year, we are reaching record highs in FDI. Each year is significantly higher than the earlier one. FDI inflows in India in 2019-20 were 74 billion dollars. This is an increase of 20 percent from the year before that, the PM underscored adding when the markets are open, when the opportunity is high and the options are many, can optimism be far behind! You can see the optimism when India rises in key business ratings. Particularly the Ease of Doing Business ratings of the World Bank

Extending an invite on behalf of the nationto invest in finance and insurance, Modi said India has raised FDI cap for investment in insurance to 49 percent. Now 100 percent FDI is permitted for investment in insurance intermediaries

The PM further said:

“India also invites you to invest in defense and space. We are raising the FDI cap for investment in defense sector to 74 percent. India has established two defense corridors to encourage production of defense equipment and platforms

Civil Aviation is another area of great potential growth. The number of Air passengers are expected to more than double within next 8 years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade

India invites you to invest in infrastructure. Our nation is witnessing the largest infrastructure creation drive in our history. Come, be a partner in building housing for millions, or building roads, highways and ports in our nation

India invites you to invest in energy. As India evolves into a gas-based economy, there will be big investment opportunities for US companies. There are also big opportunities in the clean energy sector

India invites you to invest in healthcare. The Healthcare sector in India is growing faster than 22 percent every year. Our companies are also progressing in production of medical-technology, tele-medicine and diagnostics

India has done historic reforms in the agriculture sector recently. There are investment opportunities in: Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries and Organic produce

Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things

India is emerging as a land of opportunities. Let me give you one example of the tech sector. Recently, an interesting report came out in India. It said for the first time ever, there are more rural internet users than even urban internet users

During the last six years, we have made many efforts to make our economy more open and reform oriented. Reforms have ensured increased ‘Competitiveness’, enhanced ‘Transparency’, expanded ‘Digitization’, greater ‘Innovation’ and more ‘Policy stability

India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’. And, for that, we await your partnership

Global economic resilience can be achieved by stronger domestic economic capacities. This means improved domestic capacity for manufacturing, restoring the health of the financial system and diversification of international trade

We all agree that the world is in need for a better future. And, it is all of us who have to collectively give shape to the future. I firmly believe that our approach to the future must primarily be a more human-centric one

I thank the US-India Business Council for inviting me to address the ‘India Ideas Summit’. I also congratulate the USIBC on its forty fifth anniversary this year. Over the past decades, the USIBC has brought Indian and American business closer:

With our deep commitment to maintaining global harmony, to improving socio-economic equity, and to preserving nature’s balance, India will play its role in full support of the UN agenda

The United Nations was originally born from the furies of the Second World War. Today, the fury of the pandemic provides the context for its rebirth and reform. Let us not lose this chance

Be it earthquakes, cyclones, Ebola crisis or any other natural or man-made crisis, India has responded with speed and solidarity. In our joint fight against COVID, we have extended medical and other assistance to over 150 countries

Internationally, our initiative to set up the International Solar Alliance was a practical manifestation of climate action. Similarly, the Coalition for Disaster Resilience Infrastructure brings together all relevant stake-holders.”

World

US suspends H-1B, H-2B, J and L Visa Programmes

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Newsroom24x7 Network

Entry, through December 31, 2020, of certain foreigners as immigrants and non-immigrants would be detrimental to the interests of the United States. Donald Trump, President of United States of America

Washington DC: Ahead of the presidential election, the US President Donald Trump played the trump card on Monday 22 June by signing the proclamation suspending entry of foreigners who present a risk to the U.S. labor market following the Coronavirus outbreak

Trump has underscored that American workers compete against foreign nationals for jobs in every sector of the US economy, including against millions of foreigners who enter the United States to perform temporary work.

The entry of additional workers through the H-1B, H-2B, J, and L nonimmigrant visa programs, therefore, presents a significant threat to employment opportunities for Americans affected by the extraordinary economic disruptions caused by the COVID-19 outbreak, the US President has emphasised.

In light of the above, Trump has determined that the entry, through December 31, 2020, of certain foreigners as immigrants and nonimmigrants would be detrimental to the interests of the United States.

By the authority vested by the Constitution and the laws of the United States of America, including sections 212(f) and 215(a) of the Immigration and Nationality Act (INA) (8 U.S.C. 1182(f) and 1185(a)) and section 301 of title 3, United States Code, The US President has concluded that the entry into the United States of persons described in section 1 of Proclamation 10014, except as provided in section 2 of Proclamation 10014, and persons described in section 2 of the latest proclamation, except as provided for in section 3 of this proclamation, would be detrimental to the interests of the United States, and that their entry should be subject to certain restrictions, limitations, and exceptions. On this basis, the US President proclaimed the following:

Suspension and Limitation on Entry. The entry into the United States of any alien seeking entry pursuant to any of the following nonimmigrant visas is hereby suspended and limited –

(a) H-1B or H-2B visa, and any alien accompanying or following to join such alien;

(b) J visa, to the extent the alien is participating in an intern, trainee, teacher, camp counselor, au pair, or summer work travel program, and any alien accompanying or following to join such alien; and

(c) L visa, and any alien accompanying or following to join such alien.

Trump has stated that in the administration of US’s immigration system, they must remain mindful of the impact of foreign workers on the United States labor market, particularly in the current extraordinary environment of high domestic unemployment and depressed demand for labor.

Temporary workers are often accompanied by their spouses and children, many of whom also compete against American workers, it has been pointed out. It has further been underscored that under ordinary circumstances, properly administered temporary worker programs can provide benefits to the economy. But under the extraordinary circumstances of the economic contraction resulting from the COVID-19 outbreak, certain nonimmigrant visa programs authorizing such employment pose an unusual threat to the employment of American workers.

Between February and April of 2020, more than 17 million United States jobs were lost in industries in which employers are seeking to fill worker positions tied to H-2B nonimmigrant visas. During this same period, more than 20 million United States workers lost their jobs in key industries where employers are currently requesting H-1B and L workers to fill positions. Also, the May unemployment rate for young Americans, who compete with certain J nonimmigrant visa applicants, has been particularly high — 29.9 percent for 16 19 year olds, and 23.2 percent for the 20-24 year old group.

Citing Proclamation 10014, Trump has underscored excess labor supply was particularly harmful to workers at the margin between employment and unemployment — those who were typically “last in” during an economic expansion and “first out” during an economic contraction. In recent years, these workers were disproportionately represented by historically disadvantaged groups, including African Americans and other minorities, those without a college degree, and Americans with disabilities. This is where lies the Trump Punch. In one stroke the US President has tried to assuage the feelings and aspirations of those marginalised and feel the heat of racial discrimination in America. The general ire has got amply demonstrated by the George Floyd anti-racist protests across the US.

Click here for Proclamation Text

World

Despite sluggish global trade, bilateral trade between India and US has crossed $105 billion: Nirmala Sitharaman

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Newsroom24x7 Staff

United States Secretary of Commerce, Penny Pritzker meeting the Minister of State for Commerce & Industry (Independent Charge), Nirmala Sitharaman, in New Delhi on August 30, 2016.
United States Secretary of Commerce, Penny Pritzker meeting the Minister of State for Commerce & Industry (Independent Charge), Nirmala Sitharaman, in New Delhi on August 30, 2016.

New Delhi: Commerce & Industry Minister Nirmala Sitharaman today said that in an otherwise sluggish scenario for the global trade, the trade between India and US has gathered strength and the bilateral trade of more than $105 billion is a testimony to this fact.

Ms. Sitharaman was addressing the India-US Strategic and Commercial Dialogue (S&CD) plenary in the capital today. Those present included John Kerry, Secretary of State, United States of America, Sushma Swaraj, India’s Minister of External Affairs, Penny Pritzker, Secretary of Commerce, United States of America, Dave Cote, US co-chair of the CEO Forum, Cyrus Mistry, the Indian co-chair of the CEO Forum and Rita Teaotia, Secretary to Govt. of India, Department of Commerce.

The Commerce and Industry Minister said in her speech that it has been the endeavor of both the countries to use the institutional dialogues like Trade Policy Forum and Strategic and Commercial Dialogue to address the issues being faced by the trade and to look at broader economic policy initiatives and I must mention that such engagements have been highly productive from the point of view of both the countries.

These mechanisms, Ms. Sitharaman pointed out, have provided appropriate platforms for sustained interaction between public and private sector to work together to identify newer areas of cooperation and to work around challenges and impediments to smoothen the flow of the relationship.

Our leaders, the Minister said, have agreed to an ambitious target of taking the bilateral trade to $500 billion and this would require both the sides to work in close cooperation and resolve impediments to trade.

Ms. Sitharaman further said that the initiative in bringing about the Insolvency and Bankruptcy Code is expected to overhaul the existing framework for dealing with insolvency of corporates, individuals, partnerships and other entities.

The Minister went on to underscore that there was significant progress on the recommendation of the CEO Forum as well as under our four work streams namely, Standards Ease of doing business Innovation and Entrepreneurship and Infrastructure and Smart cities.

In the last one year, the Minister said, there have been interactions during the Reverse Trade Mission visit from the United States; and collaboration between the Ministry of Finance and US Treasury relating to floating of municipal bonds to generate additional resources.

In pursuit of the Indian Government’s policy of minimum government and maximum governance, there has been a conscious effort towards making India a global hub for innovation, design and development Ms. Sitharaman said adding the Start Up India and Digital India initiatives are expected to provide the platform for entrepreneurs to pursue their business ideas in a conducive environment.

The launch of the India US Innovation Forum in New Delhi on Auhust 29 was a good beginning, the Minister said adding that she was confident that exchange of ideas and best practices on an ongoing basis would help entrepreneurs of the two countries.

Ms. Sitharaman also pointed out that in addition to bilateral engagement, India is working closely with the US and other key stakeholders in important international foras, including the WTO and International Financial Institutions like WB and IMF and the UN Security Council for institutional reforms and unfinished agendas. India is also negotiating some important regional and mega regional free trade agreements with our partners like the RCEP and India-EUBTIA.

CLICK HERE for India – US strategic commercial dialogue

World

Obama Urges Netanyahu and Abbas to Tamp Down Rhetoric

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Newsroom24x7 Desk

obamaWashington, D. C : President Barack Obama said on Friday that he was very concerned about the outbreak of violence in Israel. He added that it was important for Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas to ‘tamp down’ rhetoric that can aggravate the situation. Obama said – We condemn in the strongest possible terms violence directed against innocent people.’

Violence in West Bank and Gaza Strip continued on Friday resulting in two Palestinians getting killed by Israeli fire in clashes with security forces, and an Israeli soldier being stabbed and wounded by an assailant who presented himself as a press photographer outside Hebron. Additionally, during the early hours of Friday, a Palestinian mob threw firebombs at the Joseph’s Tomb compound in Nablus. Palestinian security forces built up a cordon-off and suceded in dispersing the rioters. this was followed by the top leader making a statement – Palestinian President Mahmoud Abbas later condemned the attack, called an investigation into the incident and assured that Palestinian Authority would repair the Jewish shrine.

Meanwhile, Israel expressed its concerns over the rising unstable situation, wherein Israel’s new ambassador to UN, Danny Danon, said that Israel strictly objected to any international involvement or interference on the Temple Mount. A Security Council meeting got scheduled for discussing snd sorting out the unrest arising ue to escalation in Jerusalem. Israel anbassador Danon took the opportunity and held a press conference at the UN headquarters in New York, just few minutes before the start of a Security Council meeting, and said, there was no need for another general discussion on the situation, but it was important and need of the moment to hold an emergency session on stopping Palestinian incitement, which got spearheaded by Palestinian President Mahmoud Abbas.

East Jerusalem’s leading role in terror attacks caught Israel off guard, and US President’s strong words of condemnation made both Israel and Palestine clarify their position. U.S. Secretary of State John Kerry and Prime Minister Benjamin Netanyahu are scheduled to meet in Berlin next week to discuss the ongoing escalation in Jerusalem. However, Kerry has moved out of US for a European visit that will last several days, and speculations are on the rise as to whether Kerry would hold a similar meeting with Abbas and iron out matters.