On day two of the US state visit, Prime Minister Narendra Modi met with a number of American CEOs and invited them to boost investment in India. This executive meeting Prime Ministers included the President and CEO of Micron Technology Sanjay Mehrotra, President and CEO of Applied Materials Gary E Dickerson and CEO of General Electric H Lawrence Culp. Earlier PM Modi met with Tesla CEO Elon Musk as well to discuss “investment prospects” in India.
“The prime minister invited Micron Technology to boost semiconductor manufacturing in India,” a Ministry of external affairs statement said.
Micron Technology CEO Sanjay Mehrotra after meeting Modi, as per PTI, said, “We look forward to greater opportunities in India. Micron is a global leader in memory and storage, and we are a supplier for memory and storage in all end markets from data centres, to smartphones to PCs, and today really fuelling the AI engine as well.”
PM @narendramodi held a meeting with President and CEO of @MicronTech Sanjay Mehrotra in Washington DC. They discussed the opportunities pertaining to manufacturing of semiconductors in India. pic.twitter.com/LwKp2FPhj0
— PMO India (@PMOIndia) June 22, 2023
Following his meeting with the prime minister, President and CEO of Applied Materials Gary E Dickerson said it is time for India to drive incredible growth.
“We are very very much looking forward to working together with the prime minister and everyone of India to achieve tremendous success together,” he said.
President & CEO of @Applied4TechMr. Gary E. Dickerson, had a meeting with PM @narendramodi in Washington DC. They discussed ways to strengthen the semiconductor ecosystem in India. pic.twitter.com/y34TIcwtuh
— PMO India (@PMOIndia) June 22, 2023
During his meeting with CEO of General Electric H Lawrence Culp, Modi invited the company to play a greater role in the aviation and renewable energy sector in India.
“Prime minister appreciated GE for its long-term commitment of manufacturing in India. The prime minister and Mr. Culp Jr discussed GE’s greater technology collaboration to promote manufacturing in India,” it said.
PM @narendramodi held productive discussions with CEO of @generalelectricH. Lawrence Culp, Jr. They discussed GE’s greater technology collaboration to promote manufacturing in India. pic.twitter.com/v116lzVuaR
— PMO India (@PMOIndia) June 22, 2023
India is actively promoting the development of its semiconductor industry and has introduced a production-linked incentive (PLI) scheme to support this initiative. As a result, global companies are showing interest in investing in India’s semiconductor sector.
The country is positioning itself as one of the most appealing destinations in Asia for electronics and semiconductor manufacturing. Although the Indian semiconductor market was valued at $27.2 billion in 2021 and is projected to grow at a strong CAGR of nearly 19 per cent, it is worth noting that currently, none of these chips are manufactured within India.
As per a report by Reuters, Prime Minister Narendra Modi’s three-day visit to the United States, it is expected to motivated American companies to explore investment opportunities in India. This interest stems from their desire to decrease their dependence on China for manufacturing-related activities.
Citing official data the report says that the United States ranks as the third-largest source of foreign investment for India, with an accumulated investment of over $60 billion from 2000 to 2023.
Notably, several recent investment announcements have been made by US companies, indicating their growing interest in India.
Also Read: From ‘Fan’ Musk’s Tesla Hope To ‘Sky Is Not The Limit’ Praise By Academics: PM Modi’s Day 1 In US
Here are some recent investment announcements made by US companies, as per the Reuters report.
Tesla
Prime Minister Modi met with CEO Elon Musk and pushed the electric-car maker to make a “significant investment” in the country, with an official announcement expected soon.
Micron Technology
Cabinet has approved the chipmaker’s $2.7 billion plan to establish a new semiconductor testing and packaging unit, following discussions between Modi and Micron CEO Sanjay Mehrotra.
Boeing
The aircraft manufacturer plans to invest approximately $24 million in India to establish a logistics center for airplane parts, coinciding with an order for 220 jets from Air India.
Amazon.com
Amazon Web Services announced its intention to invest $13 billion in India by 2030 to enhance its cloud infrastructure and generate job opportunities.
Apple
The tech giant opened stores in Mumbai and Delhi, aiming to expand its manufacturing operations in India through collaborations with contract electronics makers Foxconn, Wistron Corp, and Pegatron Corp.
Foxconn
The Taiwanese contract manufacturer plans to invest $500 million in manufacturing plants in Telangana and nearly $968 million in Karnataka, creating over 70,000 jobs. Additionally, it intends to establish a factory in India for manufacturing AirPods.
Cisco Systems
The networking equipment maker will commence manufacturing in India to diversify its global supply chain, targeting $1 billion in production and exports from the country.
Walmart
The retail giant aims to export goods worth $10 billion annually from India by 2027, as reiterated during a meeting between its CEO and Prime Minister Modi.
General Electric
PM Modi invited General Electric to enhance its involvement in India’s aviation and renewable energy sectors during a meeting with CEO Lawrence Culp.
Applied Materials
PM Modi invited Applied Materials to contribute to the development of India’s semiconductor ecosystem, particularly in process technology and advanced packaging capabilities.