2024-09-24 16:27:19 : The United States and India have struck a deal to jointly build semiconductor manufacturing plants in the South Asian country, boosting Prime Minister Narendra Modi’s efforts to revive the country’s manufacturing sector.
India’s strategic geopolitical position in Asia has put a new spotlight on the country and the opportunities it offers in the technology sector. Prime Minister Narendra Modi has repeatedly said over the past decade that he will position India as an alternative to China, and the country has begun withdrawing some manufacturing operations from Apple Inc. and Samsung Electronics Co.
A fruitful roundtable meeting was held with tech CEOs in New York to discuss aspects related to technology, innovation and more. India’s progress in this area was also highlighted. I’m happy to see that there is a lot of optimism about India. pic.twitter.com/qW3sZ4fv3t
— Narendra Modi (@narendramodi) September 23, 2024
Earlier this month, India’s Technology Minister Ashwini Vaishnaw said the South Asian country was trying to develop the entire chip value chain. India aims to increase the value of its electronics industry to $500 billion (approximately Rs. 41,83,292 crore) by the end of this decade.
The two countries also announced to provide approximately US$1 billion (approximately Rs. 8,366 crore) in funding through the International Bank for Reconstruction and Development for the project of “Promoting the Construction of Domestic Clean Energy Supply Chains in India”.
Prime Minister Modi is visiting the United States for the annual Quad Summit, a three-day trip in which he will hold bilateral meetings with U.S. leaders, address the United Nations General Assembly and meet with Indian expatriates and U.S. technology industry executives.
On Sunday, Prime Minister Modi met with Sundar Pichai of Alphabet Inc.’s Google, Jensen Huang of Nvidia Corp. and David Ricks of Eli Lilly and Company, among others, and also spoke at an Indian diaspora event in Long Island, New York. The next Quad meeting is scheduled to be held in India in 2025.
© 2024 Bloomberg
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