Defence, trade and technology discussed during Foreign Secretary Vikram Misri's visit to US

New Delhi [India], June 1 (ANI): Foreign Secretary Vikram Misri visited Washington DC from May 27 to 29, where he held a series of high-level engagements with senior officials of the US Administration.
Foreign Secretary Misri held wide-ranging discussions with counterparts across the Department of State, National Security Council, Department of Defence, Department of the Treasury, and the Department of Commerce, the Ministry of External Affairs said in a statement.
The visit was a follow-up to the Prime Minister's visit to the United States on February 13, during which both sides launched the India-U.S. COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century.
Deputy National Security Advisor Pavan Kapoor was also part of the Indian delegation.
According to MEA, at a luncheon meeting with Deputy Secretary of State Christopher Landau, both sides reviewed the full spectrum of the bilateral agenda. They underscored that Technology, Trade, and Talent would be the key pillars shaping the India-U.S. partnership in the 21st century.
In meetings with Deputy Secretary of Defence Steve Feinberg and Under Secretary for Policy Elbridge Colby, both sides reaffirmed their commitment to a robust and forward-looking defence partnership. Discussions focused on co-production and co-development initiatives, sustained joint military exercises, logistics and information-sharing frameworks, and enhancing interoperability between the armed forces, MEA said.
Vikram Misri met with Deputy Secretary of the Treasury Michael Faulkender, the Foreign Secretary and discussed ways to deepen economic and financial ties, including collaboration in international financial institutions and coordination in the upcoming Financial Action Task Force (FATF) processes.
In his meeting with Under Secretary of Commerce Jeffrey Kessler, both sides reviewed progress on the India-U.S. Bilateral Trade Agreement, cooperation in critical and emerging technologies, and the need to streamline ITAR and export control regulations. They agreed to convene the next meeting of the India-U.S. Strategic Trade Dialogue at the earliest opportunity, according to MEA.
Consistent with the vision outlined in the COMPACT, detailed inter-agency discussions were also held on a range of strategic areas, including defence cooperation, energy security, the TRUST initiative, counter-terrorism, the Indian Ocean Strategic Venture, and collaboration through platforms such as the Quad, I2U2, and IMEEC.
Foreign Secretary Misri, along with DNSA Kapoor, jointly chaired a roundtable with industry representatives, focusing on deepening bilateral collaboration in critical and emerging technologies. Additionally, they held a substantive interaction with members of the think tank community, covering the full breadth of the India-U.S. strategic partnership, MEA said. (ANI)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Time of India

16 minutes ago

• Time of India

Why UK's F-35 still stranded in India, defence sources explain

Why UK's F-35 still stranded in India, defence sources explain Modi-Trump presser: US to sell F-35 stealth fighter jets, India ready for deeper cooperation US F-35 Jets: A game changer for IAF? All you need to know about fighter jets No formal acquisition for F-35 aircraft as yet: MEA spokesperson Randhir Jaiswal Air India Express flight makes emergency landing in Trichy after mid-air scare Aero India'25 to showcase aviation giants from IAF's CATS warrior, to US F-35, watch! MiG-29 fighter jet crashes near Agra after mid-air system glitch; pilot ejects to safety Uttarakhand airlift failure: Chopper falls off mid-air amidst an airlift by Indian army's MI-17 helicopter

Business Standard

20 minutes ago

• Business Standard

Amit Shah a disgrace to the post once held by Sardar Patel: Jairam Ramesh

Congress General Secretary Jairam Ramesh on Friday launched a direct attack on Union Home Minister Amit Shah, accusing him of failing to "bring the terrorists who carried out the brutal terror attacks in Pahalgam to justice," and restoring peace in Manipur. "Amit Shah is a disgrace to the position once held by the indomitable Sardar," claimed Ramesh. "The Union Home Minister has failed singularly in bringing the terrorists who carried out the brutal terror attacks in Pahalgam to justice. These terrorists had reportedly also been involved in terror attacks at Poonch (Dec 2023) and at Gagangir and Gulmarg (Oct 2024)," his post said. "The Union Home Minister has failed miserably to restore even a semblance of peace and normalcy in Manipur. All that he has accomplished is to provide guaranteed employment to his son. Now the Union Home Minister makes the most ridiculous of statements. Millions of Indians each speak more Indian languages - in addition to English - than him. He is a disgrace to the position once held by the indomitable Sardar," said the post from Ramesh. Ramesh called the visit a "publicity-driven exercise" that fails to address the ground realities of the state. "The advertisement-loving Prime Minister is once again on a tour of matter how many fake announcements the Prime Minister makes, no matter how many ribbons he cuts for free advertising, the truth is that the double engine government in Bihar has completely failed to meet the expectations of the common people," his post read. "In Bihar, oppression against the deprived classes is at its peak, the law and order situation is extremely bad, criminals have become unbridled and the common citizens are helpless. Every day there are reports of murder, robbery and violence against youth do not have any employment in the state and they are forced to migrate from Bihar," he said. "During this visit, the Prime Minister will also express his electoral concern about the pollution of Mother Ganga .But the truth is that in the last 11 years, 'Ganga cleansing' has become just an election slogan, which is suddenly remembered before every election. Not only in Bihar, Mother Ganga has become more polluted than before in the entire country. Most of the schemes launched in the name of Ganga cleanliness campaign have proved to be a black hole of corruption-After the foundation stone laying, inauguration and heavy publicity, neither any work is visible nor any concrete National Green Tribunal (NGT) itself is exposing the terrible condition of Ganga pollution in Patna and Bihar," added Ramesh.

Mint

29 minutes ago

• Mint

Four Indian pharma stocks that may be hit by US pharma tariff threat

Indian pharma stocks took a beating on Tuesday, 17 June, after US President Donald Trump said tariffs on pharmaceutical imports are coming 'very soon." His comments sent shockwaves across the market, dragging the Nifty Pharma index down by over 2% intraday. It was the worst-performing sector of the day. This isn't the first time Trump has hinted at such a move. He had dropped clues back in April, but this latest announcement has added urgency and concern. The Indian pharma industry, which relies heavily on exports to the US for generics and speciality drugs, is now facing concerns over potential revenue disruptions. Any disruption in trade or pricing could have a direct impact on revenues and margins. In this article, we take a look at five Indian pharmaceutical companies that could be the most affected by the proposed US tariffs. #1 Granules India Granules India has a presence across the pharmaceutical manufacturing value chain, including active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediaries (PFIs) and finished dosages (FDs). It produces and supplies paracetamol, metformin, guaifenesin, and methocarbamol APIs. It has over 10 manufacturing facilities, approximately eight of which are located in India and two in the US. The company sells its products in global markets, including the United States of America, Canada, Latin America, Europe, Asia Pacific, and India. As per the FY24 annual report, 66% of Granules India's total revenue came from North America. This dependence has only deepened in recent quarters with the US market contributing 79% of revenue in the March 2025 quarter, according to the latest investor presentation. Data Source: Earnings Presentation FY25 and Q4 FY25 Given this significant exposure, any tariff-related cost increases could affect both the company's topline and margins. On 17 June 2025, executive director Priyanka Chigurupati said that the company is currently in the final stages of completing remediation work at its Gagillapur facility. It expects this process to wrap up in the next few months, after which a USFDA re-inspection is anticipated. Once this hurdle is cleared, Granules is aiming to launch 11 pending products in the US market, which were temporarily held back during the compliance phase. Production had been scaled down to prioritise remediation, but the company is now preparing to ramp up volumes again as operations stabilise. It's also working on its first major oncology product launch in the US, expected around FY28. To support its future growth strategy, the company is prepping its Genome Valley facility to meet upcoming USFDA and European audits. #2 Gland Pharma Gland Pharma has become a leader in generic injectables. Its presence spans 60 countries, including the US, Europe, Canada, and Australia. The company's business model primarily involves business-to-business, which contributes 98% of its revenue. It provides contract development, dossier compilation, and technology transfer services. The balance comes from business to consumer. Geographically, the company has a strong presence in the US, which contributes 54% of its revenue. Its revenue in the region has grown from ₹2,585 crore in FY22 to ₹3,037 crore in FY24. This makes the company vulnerable to tariffs. Recently, Gland Pharma received approval from the US Food and Drug Administration (US FDA) for Angiotensin II Acetate Injection. Since the company is the first to submit for exclusivity, it qualifies for 180 days of exclusivity for the generic drug. #3 Aurobindo Pharma Aurobindo Pharma has built a strong presence across more than 150 countries, manufacturing generic formulations, APIs, and injectables. It's the largest generic drug company in the US and ranks among the top 10 generic players in eight European countries. That's where the concern comes in. According to its FY24 annual report, half (48%) of Aurobindo's revenue comes from the US. Data Source: Aurobindo Pharma Annual Report 2023-24 As per the company's investor presentation in March 2025, it holds the top spot in the US in terms of oral solids prescription volume, commanding a 10.5% market share in the September 2024 quarter. So, when talk of new US tariffs on pharma imports hits the headlines, Aurobindo's heavy exposure naturally makes the stock vulnerable to a fall. On 16 June 2025, the company announced the incorporation of a new wholly owned subsidiary, Cresedemo Pharma LLC, in the US. This move aims to further strengthen its US pharma business. While the new entity signals Aurobindo's long-term commitment to the US market, the proposed tariffs could present near-term headwinds for the company. Looking ahead, Aurobindo is placing a big bet on the future of biosimilars. With 14 promising products currently in the pipeline, the company is eyeing a massive US$ 50 bilion+ market opportunity. If things go as planned, this could open up an exciting new growth path and offer some much-needed cushion against any potential policy shocks like the proposed US tariffs. Also Read: India seeks financial details of pharmaceutical marketing practices, industry caught in a bind #4 Dr Reddy's Laboratories Dr Reddy's Lab is one of India's largest pharmaceutical firms in the country. The company manufactures a wide range of pharmaceuticals with expertise spanning several therapeutic areas. Through its step-down subsidiary Aurigene Pharmaceutical Services Ltd (APSL), it's making strong strides in the CDMO space. APSL acts as a comprehensive Contract Research, Development, and Manufacturing Organization (CRO/CDMO), offering end-to-end solutions to global pharmaceutical and speciality companies. It has cGMP manufacturing facilities in the UK, Mexico, USA, and India, enabling it to serve a global clientele. Despite this global footprint, a large chunk of Dr Reddy's revenue still comes from the US. Also, the latest investor presentation of Q4FY25, shows 42% of the total revenue from the US market. This heavy dependence on the US leaves the company exposed to the potential impact of new tariffs. In response to increasing tariff speculation, the company has indicated a desire to consider local manufacturing in the US, through acquisitions. This will not only help reduce the risk of import duties but will also deepen its foot in one of its most important markets. Meanwhile, Dr Reddy focuses on maintaining its growth. The company plans to launch 15-20 new products in the US every year. Also Read: Dr. Reddy's focused on securing supply chains amid US tariff uncertainty Conclusion While the possibility of imports has rattled the sector, it's important to take a balanced view before making investment decisions. There's no denying that companies with high revenue exposure to the US, like Aurobindo Pharma, Granules India, and Dr Reddy's could face near-term challenges if such tariffs are implemented. Margins may come under pressure and growth plans might require changes. However, the long-term fundamentals of India's pharmaceutical industry remain strong. The government is actively supporting the sector through key initiatives such as the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, Promotion of Bulk Drug Parks, Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS), and the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), which aims to make quality medicines accessible at affordable prices. Moreover, according to a recent EY-FICCI report, the Indian pharmaceutical market is poised to reach a value of around $130 billion by 2030, signalling strong growth potential. It's important to conduct thorough research on financials and corporate governance before making investment decisions, ensuring they align with your financial goals and risk tolerance. Happy Investing. Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. This article is syndicated from