PM Modi US Visit: Prime Minister Narendra Modi met with several American CEOs on the second day of the state visit to the US and asked them to increase investment in India. Sanjay Mehrotra, the president and CEO of Micron Technology, Gary E. Dickerson, the president and CEO of Applied Materials, and H. Lawrence Culp, the CEO of General Electric, were all present at this executive gathering of Prime Ministers. Elon Musk, the CEO of Tesla, and PM Modi previously met to talk about “investment prospects” in India.
Micron Technology CEO Sanjay Mehrotra Expresses Optimism for Increased Potential in India
According to a statement from the Ministry of External Affairs, “the prime minister invited Micron Technology to increase semiconductor manufacturing in India.” After meeting Modi, Micron Technology CEO Sanjay Mehrotra reportedly said, “We look forward to increased potential in India. We supply memory and storage to all end markets, including data centres, cellphones, PCs, and today we are really fueling the AI engine as well. Micron is a global leader in memory and storage. President and CEO of Applied Materials Gary E. Dickerson stated that it is time for India to drive extraordinary growth after his discussion with the prime minister. “We are very much looking forward to working together with the prime minister and everyone of India to achieve tremendous success together,” he said. Modi requested that General Electric take on a bigger role in India’s aviation and renewable energy industries during his meeting with the company’s CEO, H Lawrence Culp.
India’s Push for Semiconductor Industry Growth Attracts International Investment Interest
India is actively encouraging the growth of its semiconductor industry, and to help with this effort, a production-linked incentive (PLI) programme has been implemented. As a result, international businesses are expressing interest in making investments in India’s semiconductor industry. The nation is trying to establish itself as one of Asia’s most alluring locations for the production of semiconductors and electronics. Despite a projected CAGR of nearly 19% and a market size of $27.2 billion for semiconductors in India in 2021, it is important to note that none of these chips are currently produced in India. According to a Reuters article, Prime Minister Narendra Modi’s three-day trip to the US is anticipated to inspire American businesses to look into investment potential in India. Their goal to lessen their reliance on China for manufacturing-related activities is the source of this interest. According to the research, which cites government data, the United States is India’s third-largest source of foreign investment, with total investments totaling more than $60 billion between 2000 and 2023. The fact that US businesses have recently announced a number of investments highlights their rising interest in India.
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Plans $24 Million Investment for Logistics Facility in India to Support Airplane Parts
- Tesla: Elon Musk, the CEO of the electric vehicle manufacturer, was pressed by Prime Minister Modi during their meeting to make a “significant investment” in the nation. An official announcement is about to be made.
- Micron Technology: Following negotiations between Modi and Micron CEO Sanjay Mehrotra, the Cabinet has approved the chipmaker’s $2.7 billion plan to create a new semiconductor testing and packaging business.
- Boeing:In conjunction with Air India’s order for 220 jets, the aircraft manufacturer intends to invest about $24 million in India to set up a logistics facility for aeroplane parts.
- Amazon.com: In order to improve its cloud infrastructure and create job opportunities, Amazon Web Services announced its aim to invest $13 billion in India by 2030.
- Apple: The IT giant opened stores in Mumbai and Delhi with the intention of growing its manufacturing operations in India through partnerships with Foxconn, Wistron Corp., and Pegatron Corp., three manufacturers of contract electronics.
- Foxconn: The Taiwanese contract manufacturer intends to invest $500 million in Telangana and almost $968 million in Karnataka to build manufacturing facilities, which will result in the creation of over 70,000 employment. Additionally, it plans to set up a factory in India to produce AirPods.
- Cisco Systems: The manufacturer of networking equipment will start producing in India in order to diversify its global supply chain, with a goal of $1 billion in production and exports from the nation.
- Walmart: The retail behemoth repeated its goal of exporting items from India worth $10 billion annually by 2027 during a meeting with Prime Minister Modi.
- General Electric: During a discussion with CEO Lawrence Culp, PM Modi extended an invitation to General Electric to expand its involvement in India’s aviation and renewable energy industries.
- Applied Materials: PM Modi extended an invitation to Applied Materials to support the growth of India’s semiconductor industry, particularly in the areas of process technology and sophisticated packaging capabilities.
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