In his budgetary proposals running into 170 pages, Obama said the Department of Defence continues to develop its India ties through Defence Technology and Trade Initiative, Joint Working Group on Aircraft Carrier Technology Cooperation, and Jet Engine Technology Joint Working Group.

Obama said the budget supports his commitment to a comprehensive regional strategy in Asia and the Pacific that reinforces a rules-based order and advances security.

Recognising that security in the Asia-Pacific region underpins regional and global prosperity, the budget aligns resources and activities to strengthen US alliances and partnerships with emerging powers, promote regional economic cooperation, and build a constructive relationship with China that simultaneously supports expanding practical cooperation on global issues while candidly addressing differences.

In his message to the Congress, Obama said his budget is about looking forward. "It is about making sure our economy works for everybody, not just those at the top."

The White House said by cutting tax loopholes and special breaks for the wealthy, reforming business and capital gains taxes, and adding a USD 10 a barrel tax on crude oil, the deficit can be held below 3 percent of GDP.

The budget proposed is for the fiscal year 2016-2017 beginning October 1. The US Congress – both the House of Representatives and the Senate – would debate threadbare over the next several months before it passes the budget.

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