U.S., India expected to deepen economic ties during Modi visit
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Indian Prime Minister Narendra Modi is in the U.S. for his first state visit, which is expected to result in major investments for India as the country makes its mark as a major potential counterweight to China.
The U.S. is expected to offer drones in a multibillion-dollar deal, as well as fighter-jet engines as it tries to lure New Delhi away from its major arms supplier Russia. "We believe this (and any specific deals announced after the Biden/Modi meetings) is another policy support factor for SPDR S&P Aerospace & Defense ETF (XAR) and many of its constituent names," said 22V Research's Kim Wallace.
Later on Thursday, Modi will meet with top U.S. executives at an official White House state dinner. Apple (AAPL) CEO Tim Cook, Alphabet (GOOG) (GOOGL) CEO Sundar Pichai, Microsoft (MSFT) CEO Satya Nadella and FedEx (FDX) CEO Raj Subramaniam are expected to attend. Modi previously met with Elon Musk, after which the billionaire hinted at making Tesla (TSLA) available in India "as soon as humanly possible."
The Biden administration is also reportedly looking to ease visa requirements. A small number of Indians and other foreign workers on H-1B visas may be allowed to renew those documents in the U.S. without having to travel abroad, Reuters reported citing sources. Indians accounted for 73% of the ~442K H-1B workers in the U.S. in FY22.
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