ICICI-Bank, India’s largest private sector bank, has opened its first branch in New York. Under the licence granted by regulators in the country, it will initially provide services to corporate customers, but aims to go into retail banking.
Via Calcutta-Telegraph
U.S. Defense Secretary Robert Gates gestures as he speaks to the media following his visit to the Humayun's Tomb, in New Delhi, India.
India's quest to modernize its military against a backdrop of China's defense growth and an ongoing regional terrorism threat are the focus of current talks.
> AP Images
The US secretary of defence, Robert Gates, arrives in the Indian capital, New Delhi, next week to promote a $10bn jet fighter contract, underlining the country's emergence as one of the world's biggest military markets.
To update its Soviet-era arsenal India says it will need to spend $45bn in the next five years, and it has been courted by western states that are barred by arms embargoes from selling to China, the other expanding Asian military power.
K Subramanyam, a defence analyst, said: "With the Americans you purchase not just weapons but a security relationship." However the rising defence budget, which dwarves spending on education and health, has met mounting criticism.
Praful Bidwai, a prominent columnist, said defence accounted for almost 19% of government spending. "We spend 1% on health and education is 5% -6%."
"[India is] a poor country and we are spending like crazy on guns. A government report last year found that 77% of Indians live on less than 20 rupees per day."
Via Guardian-Unlimited
"A country like India needs to think about how it's going to diversify its resources, not only for how (to) make sure that the lights turn on when the kids are at home trying to do their homework, but also because they are facing environmental problems, especially in regards to coal that is burned."
Was said in: US keen on nuclear deal
