Latest news with #USISPF
Yahoo
04-06-2025
- Business
- Yahoo
US Commerce Secretary Howard Lutnick and Second Lady Usha Vance Address USISPF Leadership Summit 2025
Washington, District Of Columbia , June 04, 2025 (GLOBE NEWSWIRE) -- The U.S.-India Strategic Partnership Forum (USISPF) convened its Leadership Summit 2025 in Washington, D.C., bringing together a distinguished group of senior government and business leaders, policy makers and thought leaders to celebrate and advance the U.S.-India-Japan partnership.(L-R): John Chambers (Chairman, USISPF), Dr. Mukesh Aghi (President & CEO, USISPF), Arvind Krishna (Chairman & CEO, IBM), Secretary Howard Lutick (US Commerce), Toshiaki Higashihara (Chairman, Hitachi), Kumar Mangalam Birla (Chairman, Aditya Birla).USISPF was proud to host the Second Lady of the United States, Ms. Usha Vance, in a conversation with John Chambers, Chairman, USISPF. described the US-India relationship as 'very personal' to her, highlighting a moment of 'great opportunity' in the evolving bilateral ties. 'When we were visiting India recently, I was struck by the number of people who came up to me and said how much they loved our country, how they visited family, how they visited just for pleasure, and how they were hoping for a close relationship going forward. I think these personal ties have something to do with it.' said while reminiscing about her visit to India along with her family. She continued, speaking on her upcoming priorities, "Literacy is going to be a big focus of my efforts. It's a natural fit, given that I have small children and my own personal interests." Following her remarks, Mr. John Chambers, Chairman of USISPF, delivered opening comments emphasizing the role of innovation and public-private partnerships in strengthening bilateral ties. The Summit featured engaging discussions with Ambassador Vinay Mohan Kwatra, Ambassador of India to the United States, Congressman Rich McCormick, Co-Chairman of the India and Indian-American Caucus and Senator Steve Daines. The keynote address was delivered by the U.S. Secretary of Commerce Howard Lutnick, who outlined strategic priorities for deepening economic collaboration between the U.S. and India. 'I am a great fan of India, and even the people in the government know it's true.' stated, underscoring his long-standing admiration for the country. Drawing from his experience and understanding of India's growth, he added, "From what I know about India, the core population of India has that drive and ambition, and that's why the Indian economy will always continue to grow and thrive. It has that underpinning, and you can do things in India that, in many other countries, you just can't get done." Emphasizing the positive trajectory of ongoing trade negotiations, he stated, 'You should expect a deal between the United States and India in the not-too-distant future, because I think we have found a place that really works for both countries.' Lastly, touching upon U.S. foreign policy under current leadership, he emphasized, 'The President thinks 'America First,' but he does not think 'America only' or 'America exclusively.' He will first take care of home - so that we are big and strong - but then he is going to take care of his allies. He is going to make sure that he takes care of India - whom he deeply, deeply admires and respects - and we are going to have a great, great relationship together.' The evening culminated in the presentation of the USISPF Global Leadership Awards 2025, to Mr. Arvind Krishna, Chairman, President & CEO, IBM; Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group and Mr. Toshiaki Higashihara, Executive Chairman, Hitachi, Ltd. These leaders were recognized for their outstanding contributions in strengthening the U.S.–India–Japan economic corridor. Under the leadership of , is the largest Indian greenfield investor in the United States, with investments exceeding $15 billion. , "It is a great honor to receive the 2025 USISPF Global Leadership Award. This recognition is a testament to Aditya Birla Group's deep commitment to the U.S., and belief in the potential to further deepen the U.S.-India partnership. We are proud to have started our journey in the U.S. over 18 years ago, and to place big bets here. We continue to choose America because we believe in the strength, stability, and promise of this nation, and our commitment goes beyond capital – we are investing in people, in communities, and in long-term impact to create mutual prosperity." , was honored for his leadership in redefining the future of technology especially in AI, hybrid cloud, and quantum computing. Arvind has ensured that India continues to play a central role in the company's global expansion plan and has been passionate about championing US-India deep tech ties. Under Arvind's leadership, IBM will continue to invest $150 billion in America over the next five years to fuel the economy and accelerate its role as the global leader in computing. "I'm honored to receive this award and grateful for the support of USISPF and its allies in strengthening the U.S.-India-Japan relations,' . 'IBM has built partnerships and made sustained technology investments in each country, and I believe these collaborations provide the right foundation for powerful innovation and growth." , was honored for leading Hitachi's transformation into a leader in Energy, Mobility, Industrial Automation, and Digital Technology, driving growth through sustainable development and benefits for society. Reflecting upon Hitachi's long-standing legacy in India, and accepting the award, he remarked, 'Having first established a presence in India in 1933, Hitachi has enjoyed a rich and enduring relationship with the country. India offers Hitachi a tremendous wealth of deep technical talent, and Hitachi brings a broad spectrum of solutions to India, from Mobility to Energy Infrastructure, to Software and Services. As we continue to serve our clients globally, our collaboration with USISPF, along with strong partnerships across the public and private sectors in both the United States and India, will be pivotal in fulfilling our commitment to delivering innovations that benefit society and the planet."Second Lady of the United States, Ms. Usha Vance in conversation at the USISPF Leadership USISPF The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C., and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States. Press inquiries USISPF Ankit Jain ajain@ 2244607900 2550 M St NWWashington, DC 20037, USA A video accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
04-06-2025
- Business
- The Hindu
Modi likely to attend BRICS-11 summit in Brazil next month, with leaders of Russia, China and developing world
Prime Minister Narendra Modi is expected to travel to Rio De Janeiro next month to attend the BRICS summit, sources said here. The gathering is being closely watched by the U.S. Trump administration that sees it as a counterweight to the G-7 group of developed nations. Russian President Vladimir Putin and Chinese President Xi Jinping are expected to attend, as well as the leaders of Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Indonesia. Mr. Modi's attendance at the event comes soon after the four-day conflict with Pakistan, and India's 'new normal' on fighting terror. Any joint statement on cross-border terrorism by the largely economic grouping will be significant for India, officials said. Any meeting with Chinese President Xi Jinping, whom Mr. Modi last met on the sidelines of the previous BRICS summit in Kazan, Russia in October 2024, will also be watched with interest, given China's support to Pakistan during Operation Sindoor, and plans to reset bilateral ties with the restart of the Kailash Mansarovar Yatra for Indian pilgrims to Tibet in June. EDITORIAL | Building blocks: On the 16th BRICS Summit in Kazan 'Rubbing the U.S. the wrong way' In addition, BRICS discussions on the use of alternate or national currencies for trade are likely to trigger reactions in the U.S., given warnings in the past few months by U.S. President Donald Trump against any 'de-dollarisation' plans by BRICS, and earlier this week by U.S. Commerce Secretary Howard Lutnick, who said that India's participation in the BRICS grouping had ruffled feathers in Washington. Speaking at the USISPF industry forum on Tuesday, Mr. Lutnick said that apart from buying military hardware from Russia, India had 'rubbed the U.S. the wrong way' by being a part of BRICS. '[BRICS countries] are saying, 'Let's move to not support the dollar, and dollar hegemony…' That is not the way to win friends and influence people in America,' he added. Also Read | PM Modi for financial integration among BRICS countries 'The Rio reset' The BRICS-11 — including original members Brazil, Russia, India, China and South Africa, and new entrants Saudi Arabia, the UAE, Egypt, Ethiopia, Iran, and Indonesia — now represent half the world's population and 39% of global GDP. The G-7, on the other hand — comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the European Union — accounts for about 30% of the world's GDP. Washington-based think-tanks are billing the meeting of the BRICS grouping the 'Rio Reset', suggesting it will pose a challenge to Western economies. According to the Brazil Presidency's concept note, the motto for this year's BRICS summit will be: 'Strengthening Cooperation in the Global South for More Inclusive and Sustainable Governance.' Also Read | BRICS is a statement of how profoundly world order is changing: EAM Jaishankar No consensus on alternate currency The note says the summit will discuss how to reform institutions like the International Monetary Fund (IMF) and the World Trade Organisation (WTO), 'increase the representation of developing countries in leadership positions', and reflect the contributions of the Global South to the world economy. In particular, it spotlights developing initiatives like the New Development Bank and Contingency Reserve Arrangement, but makes no mention of the use of alternate currencies. In March this year, External Affairs Minister S. Jaishankar had clarified that India had no policy of trying to replace the dollar, and even said that there was no 'unified BRICS position' on the issue. Mr. Jaishankar is expected to travel to Washington just before the BRICS summit, to attend the Quad Foreign Ministers' meeting hosted by U.S. Secretary of State Marco Rubio on July 1. India and the U.S. are also keen to announce the first part of bilateral trade agreement before July 9, which is the Trump administration's deadline to impose reciprocal tariffs. WATCH | BRICS Summit: What did the Modi-Xi meeting achieve? Special invitees The BRICS summit on July 6 and 7, will also follow two weeks after the G-7 summit in Kanaskis, Canada, where newly elected Prime Minister Mike Carney has not so far invited Mr. Modi as a special invitee, though other emerging nations such as Brazil, South Africa, and Mexico have been sounded out. Sources said that formal invitations to special invitee countries will be sent by this weekend. India has been invited to G-7 and G-8 events on many previous occasions in the past two decades, and Mr. Modi has attended every G-7 summit since 2019.
Yahoo
04-06-2025
- Business
- Yahoo
US Commerce Secretary Howard Lutnick and Second Lady Usha Vance Address USISPF Leadership Summit 2025
Washington, District Of Columbia , June 04, 2025 (GLOBE NEWSWIRE) -- The U.S.-India Strategic Partnership Forum (USISPF) convened its Leadership Summit 2025 in Washington, D.C., bringing together a distinguished group of senior government and business leaders, policy makers and thought leaders to celebrate and advance the U.S.-India-Japan partnership.(L-R): John Chambers (Chairman, USISPF), Dr. Mukesh Aghi (President & CEO, USISPF), Arvind Krishna (Chairman & CEO, IBM), Secretary Howard Lutick (US Commerce), Toshiaki Higashihara (Chairman, Hitachi), Kumar Mangalam Birla (Chairman, Aditya Birla).USISPF was proud to host the Second Lady of the United States, Ms. Usha Vance, in a conversation with John Chambers, Chairman, USISPF. described the US-India relationship as 'very personal' to her, highlighting a moment of 'great opportunity' in the evolving bilateral ties. 'When we were visiting India recently, I was struck by the number of people who came up to me and said how much they loved our country, how they visited family, how they visited just for pleasure, and how they were hoping for a close relationship going forward. I think these personal ties have something to do with it.' said while reminiscing about her visit to India along with her family. She continued, speaking on her upcoming priorities, "Literacy is going to be a big focus of my efforts. It's a natural fit, given that I have small children and my own personal interests." Following her remarks, Mr. John Chambers, Chairman of USISPF, delivered opening comments emphasizing the role of innovation and public-private partnerships in strengthening bilateral ties. The Summit featured engaging discussions with Ambassador Vinay Mohan Kwatra, Ambassador of India to the United States, Congressman Rich McCormick, Co-Chairman of the India and Indian-American Caucus and Senator Steve Daines. The keynote address was delivered by the U.S. Secretary of Commerce Howard Lutnick, who outlined strategic priorities for deepening economic collaboration between the U.S. and India. 'I am a great fan of India, and even the people in the government know it's true.' stated, underscoring his long-standing admiration for the country. Drawing from his experience and understanding of India's growth, he added, "From what I know about India, the core population of India has that drive and ambition, and that's why the Indian economy will always continue to grow and thrive. It has that underpinning, and you can do things in India that, in many other countries, you just can't get done." Emphasizing the positive trajectory of ongoing trade negotiations, he stated, 'You should expect a deal between the United States and India in the not-too-distant future, because I think we have found a place that really works for both countries.' Lastly, touching upon U.S. foreign policy under current leadership, he emphasized, 'The President thinks 'America First,' but he does not think 'America only' or 'America exclusively.' He will first take care of home - so that we are big and strong - but then he is going to take care of his allies. He is going to make sure that he takes care of India - whom he deeply, deeply admires and respects - and we are going to have a great, great relationship together.' The evening culminated in the presentation of the USISPF Global Leadership Awards 2025, to Mr. Arvind Krishna, Chairman, President & CEO, IBM; Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group and Mr. Toshiaki Higashihara, Executive Chairman, Hitachi, Ltd. These leaders were recognized for their outstanding contributions in strengthening the U.S.–India–Japan economic corridor. Under the leadership of , is the largest Indian greenfield investor in the United States, with investments exceeding $15 billion. , "It is a great honor to receive the 2025 USISPF Global Leadership Award. This recognition is a testament to Aditya Birla Group's deep commitment to the U.S., and belief in the potential to further deepen the U.S.-India partnership. We are proud to have started our journey in the U.S. over 18 years ago, and to place big bets here. We continue to choose America because we believe in the strength, stability, and promise of this nation, and our commitment goes beyond capital – we are investing in people, in communities, and in long-term impact to create mutual prosperity." , was honored for his leadership in redefining the future of technology especially in AI, hybrid cloud, and quantum computing. Arvind has ensured that India continues to play a central role in the company's global expansion plan and has been passionate about championing US-India deep tech ties. Under Arvind's leadership, IBM will continue to invest $150 billion in America over the next five years to fuel the economy and accelerate its role as the global leader in computing. "I'm honored to receive this award and grateful for the support of USISPF and its allies in strengthening the U.S.-India-Japan relations,' . 'IBM has built partnerships and made sustained technology investments in each country, and I believe these collaborations provide the right foundation for powerful innovation and growth." , was honored for leading Hitachi's transformation into a leader in Energy, Mobility, Industrial Automation, and Digital Technology, driving growth through sustainable development and benefits for society. Reflecting upon Hitachi's long-standing legacy in India, and accepting the award, he remarked, 'Having first established a presence in India in 1933, Hitachi has enjoyed a rich and enduring relationship with the country. India offers Hitachi a tremendous wealth of deep technical talent, and Hitachi brings a broad spectrum of solutions to India, from Mobility to Energy Infrastructure, to Software and Services. As we continue to serve our clients globally, our collaboration with USISPF, along with strong partnerships across the public and private sectors in both the United States and India, will be pivotal in fulfilling our commitment to delivering innovations that benefit society and the planet."Second Lady of the United States, Ms. Usha Vance in conversation at the USISPF Leadership USISPF The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C., and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States. Press inquiries USISPF Ankit Jain ajain@ 2244607900 2550 M St NWWashington, DC 20037, USA A video accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India Today
04-06-2025
- Business
- India Today
Despite US objections, 5 reasons why India-Russia partnership will endure
US Commerce Secretary Howard Lutnick said India's military purchases from Russia had "rubbed the United States the wrong way" while speaking at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit."There were certain things that the Indian government did that generally rubbed the US the wrong way... for instance, you generally buy your military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia," Lutnick commerce secretary's understanding of the India-Russia relationship is limited. India buys Russian weapons because Russia does not attach strings to these sales. It willingly shares technology and co-produces weapons with India and allows technology transfers in areas no country will collaborate with. THE SOVIET UNION SOLD WEAPONS NO ONE ELSE DID When India began its rearmament in the mid-1960s after the defeat in the 1962 war with China, it first turned to the West. It wanted submarines and warships for the Navy and fighter jets for the Air Force. These were not Soviet Union stepped in with sales of frontline Foxtrot class submarines, first-of-its-class missile boats, anti-submarine corvettes and MiG-21 supersonic fighter aircraft. These platforms were used with devastating effect in the 1971 India-Pakistan war. The US, UK and China supported Pakistan in that Soviet Union sent its submarines in pursuit of the USS Enterprise carrier battle group that President Nixon sent into the Indian Ocean to intimidate India. This relationship continued through the 1980s. In 1987, the Soviet Union transferred to India on a three-year lease the K-43, the world's first nuclear-powered attack submarine that could fire anti-ship missiles from CONTINUES THE SOVIET LEGACYThis strategic partnership continued after the dissolution of the Soviet Union. The successor state, Russia, sold to India the BrahMos supersonic cruise missiles in the late 1990s. This weapon now equips all three services and was used with devastating effect during Operation Sindoor in smashing Pakistani airbases and radar installations. Russia has shared all the technology for this radical missile it developed during the Cold leased a second nuclear submarine, the Chakra-2, in 2012. It is refurbishing a third unit, the Chakra-3, which will be transferred to India on a ten-year lease by the end of this decade. Sure, Russia charges a hefty fee for this refurbishment and lease - over $3 billion - but with the exception of the US-UK partnership, no country has sold or transferred nuclear-powered submarine technology to another country. It has offered India advanced hypersonic weaponry and long-range missile systems and fifth-generation fighter FOR STRATEGIC WEAPONS PROGRAMMESadvertisementNuclear-powered ballistic missile submarines are the third leg of the triad of air, land and sea-based nuclear weapons. They are also the most secure leg of the triad because submarines can hide deep under the ocean beyond the reach of the helped India build its fleet of four Arihant class nuclear-powered ballistic missile submarines. India began constructing these submarines after the Pokharan nuclear tests in 1998. Today, two Arihant-class submarines have been commissioned and two more will be commissioned in the next four are the most complex defence platforms ever built by India. Then Prime Minister Manmohan Singh acknowledged Russia's support for the programme while speaking at the 2009 launch of the INS Arihant in STRINGS ATTACHEDThis is among the most important aspects of the relationship. The US imposed sanctions and embargoed the sale of military equipment to India because of the Pokharan-2 nuclear tests in 1998. President Donald Trump spoke of using trade as a tool to coerce India into negotiating a ceasefire during Operation Sindoor (a fact denied by India).This has led to fears that the sales of US weapons to India could be similarly used in a crisis. Russia has never attached such strings to its weapons sales to India. It has never imposed embargoes or restricted transfers of LIMITED ONLY BY IMAGINATIONThe sky is the limit when it comes to the Russia-India strategic partnership. Russia has provided technical assistance for India's Matsyayan ocean bed expedition that aims to send Indians to the deepest point of the Indian has also provided help for the Gaganyaan expedition, which aims to launch India's first astronauts in an Indian-built space vehicle. The India-Russia relationship is limited only by the imagination of the two partner Watch
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Business Standard
04-06-2025
- Business
- Business Standard
Trump's $5 million 'Gold Card' may succeed in India, but faces legal test
The Trump administration's proposed 'Gold Card' visa, which offers US permanent residency in return for a $5 million investment, could be especially popular among wealthy Indian nationals, US Commerce Secretary Howard Lutnick said on Monday. Speaking at the US-India Strategic Partnership Forum (USISPF) Leadership Summit 2025, Lutnick said the new visa model would offer affluent Indians a unique path into the American economy. 'I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America,' said Lutnick. 'We are going to be incredibly successful in India.' What is the Trump Gold Card? The 'Gold Card' is pitched as a replacement to the existing EB-5 investor visa. The current EB-5 scheme allows foreign nationals to secure permanent US residency through a minimum $800,000 investment that creates or preserves 10 full-time jobs. In contrast, the Gold Card proposes: A $5 million investment threshold Immediate US permanent residency, similar to a green card A streamlined route to US citizenship No obligation to create jobs Lutnick described it as 'the equivalent of a green card' but with options for tax planning. 'You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets,' he said. 'No inheritance tax, and none of that kind of stuff either.' He added, 'That's what we're going to call it—an international entrepreneur. I think it will be very well received amongst the great people of India who want to participate and have the means to participate in America.' Lutnick credited Indian entrepreneurs for their growing presence in the US business world. 'They're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way,' he said. Application process and availability Interested applicants can visit to register and learn more about the process. Some cards have reportedly already been purchased in the Middle East. The Trump administration expects the initiative to raise considerable revenue. Trump has said, 'We could sell maybe a million of these cards, maybe more than that.' He projected that if 10 million cards were sold, the US could generate $50 trillion. Lutnick offered a more conservative estimate, suggesting the US could still raise $1 trillion if 200,000 people invested. But is the Gold Card visa legal? The programme has triggered legal questions over whether the President can bypass Congress to change immigration law. Piyush Gupta, vice president for India and the Middle East at CanAm Enterprises, said, 'From its inception, the EB-5 program has been legislated by Congress, and under the EB-5 Reform and Integrity Act of 2022 (RIA), it was reauthorised through September 30, 2027. Any changes to the program would require congressional approval.' The American International Lawyers Association echoed this view in a March blog post. 'As a matter of law, it is important to remember that the President cannot unilaterally end or change the EB-5 program,' the group wrote. 'Unless Congress repeals it, or passes a new or amended law,' the existing scheme is expected to remain in place. US holds the wealth crown The US has over 6 million millionaires, accounting for 37% of the world's total 10,800 centi-millionaires (with $100 million+ net worth) More than 850 billionaires From 2014 to 2024, the US millionaire population grew by 78%—the highest in the world. The Gold Card, if implemented, would put the US in line with other countries that offer investment-based residency, but with a much higher entry bar.
