India, U.S. Sign $3 Billion Deal for Apache, Chinook Helicopters
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U.S. and Indian officials signed two contracts for the purchase by the Indian Air Force of 22 AH-64E Apache attack helicopters and 15 CH-47F Chinook multi-mission heavy lift helicopters. The sale includes munitions, training, aircraft certification and components such as engines, electro-optical sensors and the radar.
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Modi's Parting Gift to Silicon Valley: Direct Flight to India
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Following his speech at the SAP Center, Prime Minister Modi announced national carrier Air India's New Delhi-San Francisco non-stop flight. "It will fly three times a week," Modi said to thunderous applause. Air India will launch the direct flight to San Francisco from December 2 this year, fulfilling a long-pending demand of Indian IT professionals who work on the West Coast.
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Reserve Bank OKs Extra $18 Billion in Foreign Govt. Debt Buys
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India's central bank will allow foreign investors to buy an additional $18.2 billion in Government bonds in stages over the next few years, as part of measures introduced to open up domestic markets. The long-anticipated change involves increasing the Government debt limit for foreign investors to up to 5 percent of the current outstanding amount of bonds.
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Govt. to Promote Card Use in Smaller Towns
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In efforts to move toward a cashless society, the Reserve Bank of India said it will come out with a concept paper on promoting electronic payments, especially in smaller towns, by the end of November. "With growing financial inclusion, there are concerted efforts to enhance the use of technology and move towards a 'less-cash' society," the Bank said.
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Reserve Bank: Rate Cut of 0.5% for Stronger, Sustainable Growth
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Reserve Bank Governor Raghuram Rajan said the 0.5 percent reduction in the key rate is to ensure strong and sustainable growth, and was driven primarily by its preconditions being met and the weakness in the external environment.
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PM Modi Meets President Obama, Urges UN Security Council Reforms
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During his five-day visit to the US, Prime Minister Modi met President Barack Obama and shared views on a broad range of issues, including economic partnership, climate change, renewable energy sector, innovative technology, and expanding defence cooperation. He also thanked President Obama for US support to India's permanent membership in a reformed UN Security Council.
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With $31 billion of foreign capital inflows, India has surpassed China and the U.S. to take the pole position in attracting the largest amount of foreign direct investment in the first half of 2015, according to a report in the Financial Times.
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Inaugural U.S.-India-Japan Trilateral Ministerial Dialogue
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U.S. Secretary of State John Kerry hosted the inaugural U.S.-India-Japan Trilateral Ministerial dialogue with Indian External Affairs Minister Sushma Swaraj and Japanese Foreign Minister Fumio Kishida on the sidelines of the 70th United Nations General Assembly in New York. Representing a quarter of the world's population and economic production power, the three countries highlighted their shared support for peace, democracy, prosperity, and a rules-based international order.
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PM Modi dines with Fortune 500 CEOs, invites them to 'Make in India'
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Prime Minister Modi met top CEOs in the US, listing the various sectors that India has opened up for investments and inviting the US business leaders to 'Make in India'. "Reform in governance is my number 1 priority. We are for simplified procedures, speedy decision making, transparency and accountability," Modi told the CEOs.
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Indian Newspapers Buck Global Trend, Grow
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Bucking the global trend, both English and regional language newspapers in India are witnessing growth, with the number of registered publications climbing up from 94,067 in March 2013 to 105,443 by March this year. According to data available with the Registrar of Newspapers in India, almost every state across the country is a part of this trend.
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