financetom
Economy
financetom
/
Economy
/
Government approves $2.6 billion naval helicopter deal with US ahead of Donald Trump's visit
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Government approves $2.6 billion naval helicopter deal with US ahead of Donald Trump's visit
Feb 19, 2020 11:50 PM

Ahead of US President Donald Trump's visit here next week, the Cabinet Committee on Security on Wednesday approved a government-to-government deal to procure a batch of 24 MH-60 Romeo helicopters from the US at a cost of $2.6 billion.

Share Market Live

NSE

The bilateral agreement to seal the deal is expected to be signed after Prime Minister Narendra Modi's talks with US President Donald Trump on February 25, top sources said.

India is procuring the helicopters for the Indian Navy.

The sources said the Cabinet Committee on Security headed by Prime Minister Narendra Modi also deliberated on the procurement of a missile defence system from the US at a cost of $1.86 billion.

However, final approval to the deal has not been given yet, the sources said.

The US approved the sale of the helicopters to India in April last year. The helicopters are expected to boost the Indian Navy's anti-surface and anti-submarine warfare operations.

The chopper is designed to hunt down submarines. The fleet would replace aging British-made Sea King helicopters.

Ahead of Trump's visit, the US approved the sale of an Integrated Air Defence Weapon System to India (IADWS).

Defence and security ties between India and the US have been on an upswing in the last six years. The bilateral defence trade touched $18 billion mark in 2019, reflecting growing defence cooperation between the two sides.

There has been an indication that two sides may announce the further deepening of defence ties during Trump's visit on February 24 and 25.

Both sides have also been pushing for joint venture and collaboration between private sectors of the two countries in defence manufacturing.

In June 2016, the US had designated India a "Major Defence Partner", intending to elevate defence trade and technology sharing with India to a level commensurate with that of its closest allies and partners.

First Published:Feb 20, 2020 8:50 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Weekly Jobless Claims Log First Rise in Four Weeks
Weekly Jobless Claims Log First Rise in Four Weeks
Nov 9, 2024
10:54 AM EST, 11/07/2024 (MT Newswires) -- Weekly applications for unemployment insurance rose for the first time in four weeks, while continuing claims reached the highest level since November 2021, according to US government data released Thursday. The seasonally adjusted number of initial claims rose by 3,000 to 221,000 in the week ended Saturday, according to the Department of Labor....
Mexican economy chief wants to sound out Musk on Tesla plant plans
Mexican economy chief wants to sound out Musk on Tesla plant plans
Nov 9, 2024
MEXICO CITY (Reuters) -Mexico's economy chief will try to meet soon with Tesla's chief executive Elon Musk to determine his plans for an electric car factory in northern Mexico, he told local radio on Thursday, part of a push to grow the country's key carmaking sector. Economy Minister Marcelo Ebrard is a former foreign minister and veteran political operator, and...
US weekly jobless claims up slightly; unit labor costs stir inflation fears
US weekly jobless claims up slightly; unit labor costs stir inflation fears
Nov 9, 2024
WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits rose slightly last week, suggesting no material change in the labor market and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October. Though the labor market is easing, wage pressures are not showing a significant cooling, casting a shadow over the inflation...
Factbox-Major brokerages expect 25 bps of Fed rate cuts in November
Factbox-Major brokerages expect 25 bps of Fed rate cuts in November
Nov 9, 2024
(Reuters) - Major brokerages including J.P.Morgan, Barclays and Goldman Sachs have forecast a 25-basis-point interest-rate cut by the U.S. Federal Reserve at its November 6-7 meeting. The central bank cut interest rates by an oversized 50 basis points at its Sept. 17-18 meeting. Fed Chair Jerome Powell said the reduction was meant to show policymakers' commitment to sustaining a low...
Copyright 2023-2025 - www.financetom.com All Rights Reserved