U.S. Senator Hails Reformist Budget Of Modi Govt

"I am glad that the new Indian Administration has incorporated many of my recommendations into its budget, demonstrating Prime Minister Modi's commitment to grow the U.S.-India relationship," he said.

He said the recommendations that were reflected in the Indian budget included increasing foreign direct investment in the defence sector from 26 per cent to 49 per cent; increasing FDI in the insurance sector from 26 per cent to 49 per cent and launching new infrastructure projects, which provide opportunities for U.S. companies to participate.

These actions add to several other "First 100 Day Plan" recommendations that have been adopted in the last few weeks, he said.

Secretary of Defence Chuck Hagel has selected Frank Kendall as Under Secretary of Defence for Acquisition, Technology and Logistics to lead the U.S. efforts for the Defence Trade and Technology Initiative.

A top level U.S. delegation will travel to Delhi to participate in a U.S.-India Strategic Dialogue.

Other provisions in India's budget that Warner has advocated for include a review of Indian tax regimes, which had levied unexpected taxes on foreign firms and a commitment to invest in technology, warehousing and bureaucratic restructuring to improve farm-to-market in India.