India, US partnership to shape 21st century: Envoys

Close collaboration between India and US in the years ahead can shape the 21st century with a big impact upon global peace and prosperity, according to the two countries’ envoys in each other’s capitals.

USINPAC- US India Partnership“As US-India ties continue to blossom, the true test of our defining partnership for the 21st century will be how it benefits not just our common citizens but also the global commons,” wrote Indian ambassador Arun Singh and US ambassador Richard Verma in a rare joint article published here Monday.

“The fact is, we are stronger when we work together, and our close collaboration in the years ahead can have a big impact upon global peace and prosperity,” they said in an op-ed in the Huffington Post titled “India And The US Partnering To Shape The 21st Century.”

The article marking the 10-year anniversary of the landmark US-India civil nuclear deal noted how the initiative had transformed the two countries’ bilateral relationship into a strategic partnership built on mutual trust and natural affinity.

“The historic visits of Prime Minister (Narendra) Modi to the United States and President Barack Obama to India helped our relationship soar, moving us past old disagreements and paving the way forward for even more ambitious new collaborations,” Singh and Verma noted.

Since Obama’s January visit to India, the two nations “are now working on new initiatives from the outer reaches of space to the depths of the oceans,” they said.

“Our leaders’ vision of a rules-based international order where disputes between states are settled peacefully, trade flows more freely and clean energy reduces the threat of climate change offers the best promise of a more peaceful, prosperous and sustainable century than the past one.”

“Given our shared democratic values, multicultural traditions, robust people-to-people ties and convergent economic and security interests, we are natural partners, and indeed on a course to be best partners,” the two envoys wrote.

“In a world filled with complex security and economic challenges, this relationship matters more now than ever before,” Singh and Verma wrote.

“That’s why our leaders have aggressively set out to increase our defence cooperation, create greater economic opportunities for our people and work more closely on climate change,” they wrote.

“Our national interests are converging on the vital issues of the day.”

While US infrastructure and technology firms are ready to bring their expertise to Modi’s ambitious plan to build 100 smart cities by 2020, the envoys noted, Indian firms and investors are increasingly present in the US to help power America’s growth and to create jobs.

“Beyond the strategic and economic ties, our people continue to bring us closer together,” they wrote.

The Indian diaspora has not only made enormous contributions to every facet of American society, Singh and Verma noted, they are increasingly giving back to their ancestral home, as well.

“In India, Americans and Indians are working closely together to spur advances in medicine, science and technology, helping to power India’s growth and improving the lives of ordinary Indian citizens.”

India and the United States are also increasingly cooperating to meet development challenges in India and around the world, the two envoys noted.


Source:  Business Standard

India-US Relation On Cusp Of Sea Change, Says US Vice President Joe Biden

Noting that India and America have made tremendous progress in bilateral relationship in a decade after signing the landmark civic nuclear deal, US Vice President Joe Biden stressed on stepping up the effort so as to make the next decade cusp of another sea change.

joe biden“It’s on us to step up,” Biden said at a dinner hosted jointly by the Confederation of Indian Industry and Carnegie Endowment for International Peace, a top US-think tank, to celebrate the 10th anniversary of the signing of the Indo-US civil nuclear deal.

Biden, who in 2005 was chairman of powerful Senate Foreign Relations Committee, played a key role in the Congressional passage of the civil nuclear deal. “We are on the cusp of a sea change decade,” the Vice President said as he recounted the tremendous progress made by the two countries in the past one decade after the signing of the nuclear deal.

Citing example of the two countries’ co-operation, Biden said, “India now conducts more military exercise with USA than any other country of the world. Sometimes we forget what we did. It took courage on the part of two leaders to take the steps together.”

“And all of these would go to shape the next century, if we stay the course,” he said as he listed out the progress made by the two countries in wide range of fields. The Vice President reiterated the goal of increasing bilateral trade to $500 billion in the years to come.

The historic civil nuclear deal, he said, was a vote for India not for civil nuclear cooperation. He praised the vision and determination of the leaders of the two countries for this. “Prime Minister (Manmohan) Singh ..

Describing co-operation in the field of climate change as a key aspect of this relationship, Biden exuded optimism about the Paris Summit later this year, with India being on board. He praised the leadership of Modi in this regard.

India, he said, is indispensable part of the Asia-Pacific rebalancing strategy of the Obama Administration. “We are working to make this vision a reality, he said.

The US, Biden added, is also looking to schedule a ministerial level tri-lateral meeting involving Japan and India this fall. What happens in Asia and the Pacific affects the US, he said adding that both India and the US have strong interest in maintaining freedom of navigation in the region.

In his speech, Biden also emphasised on protecting the rights of women, ethnic minorities and human rights.

Source: Focus News

Indian Prime Minister Narendra Modi asserts- the growth of Indo-US relationship will benefit the world

Prime Minister Narendra Modi on Saturday greeted the American people on their Independence Day and expressed confidence that bilateral ties will get even better in times to come based on the “renewed energy” about which he was “extremely excited”.

NAMO's Letter“The ties between India and the US are time tested and connected by shared values. We are both vibrant democracies and remain very proud of our democratic framework,” he said.

“I am extremely excited and confident about the renewed energy in India-USA ties. Our economic ties are very strong and our cultural ties are vibrant,”

He recalled his visit to the US last year and that of President Barack Obama here in January this year to become the first ever President of USA to join India’s Republic Day celebrations as Chief Guest. Substantial ground was covered during both these visits as far as strengthening of US-India ties are concerned, he wrote in the message. “Strong India-US ties will benefit people of our nations and the world at large. I am optimistic that our relations are going to get even better in times to come,” he said.

Source: The Indian Express ltd

India likely to sign US tax compliance law FATCA

USINPAC -india-likely-to-sign-us-tax-compliance-law-fatca-on-thursdayNEW DELHI: India is likely to sign the inter- governmental pact for the US tax compliance law FATCA on Thursday, a move that will help it fight tax evasion.

Foreign Account Tax Compliance Act (FATCA) is aimed at combating possible tax evasion by Americans through financial entities of other countries.

The pact is likely to be signed by Revenue Secretary Shaktikanta Das and US Ambassador Richard Verma on July 9 here, sources said.

Under FATCA, US government has Inter-governmental Agreement (IGA) for sharing of information with various countries where American individuals and companies have accounts and other assets.

As per the FAQ released by the Finance Ministry on the new black money law, India is expected to start receiving information through Automatic Exchange of Information (AEOI) route under FATCA from USA later in the year.

FATCA compliance will cover all new accounts opened by Indian Financial Institutions from July 1, 2014 onwards.

Further, they would be obliged to share data with the government in respect of all new accounts opened from July 1 till December 31, 2014, to enable the government to share this data with US by September 30, 2015.

The financial sector regulators might also publish detailed guidance for implementation of FATCA.

If a financial institution does not comply to FATCA, it would have to pay 30 per cent penalty tax on all its US revenues, including dividend, interest, fees and sales.