Explanation:

India & USA sign Project Agreement for Air-Launched Unmanned Aerial Vehicle.

• Ministry of Defence and US Department of Defence signed a Project Agreement (PA) for Air-Launched Unmanned Aerial Vehicle (ALUAV) under the Joint Working Group Air Systems in the Defence Technology and Trade Initiative (DTTI) on July 30, 2021.
• The PA for ALUAV falls under the Research, Development, Testing and Evaluation (RDT&E) Memorandum of Agreement between Ministry of Defence and US Department of Defence, which was first signed in January 2006 and renewed in January 2015.
• The agreement is a significant step towards deepening defence technology collaboration between the two nations through co-development of defence equipment.

Hence option 2nd is correct.