Prime Minister Modi Urges American CEOs to Boost Investment in India

PM Modi US Visit

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.

Must Read: Former Chief Minister Buddhadeb’s Daughter Undergoes Gender Change Surgery, Opens Up on Trans Identity

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.

Must Read: Historic Joint Press Conference! PM Modi and President Biden to Face Media Questions Together

Plans $24 Million Investment for Logistics Facility in India to Support Airplane Parts

Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOKINSTAGRAMand TWITTER

Exit mobile version