In a significant move to boost India’s standing as a global manufacturing hub, Prime Minister Narendra Modi has called upon major US technology companies to consider India for their manufacturing and innovation initiatives. This appeal was made during a meeting in New York with top CEOs, following the annual Quad summit, which includes leaders from the US, Australia, and Japan.
Positioning itself as an alternative to China, India is actively working to attract international firms seeking to diversify their supply chains. The Indian government has particularly emphasized the semiconductor manufacturing sector, despite the country currently lagging behind major suppliers such as China and Taiwan.
The roundtable meeting featured 15 influential CEOs, including industry leaders from Google, Adobe, IBM, and NVIDIA. During his address, Modi highlighted the potential for these companies to collaborate in India to co-develop and co-produce innovative solutions for global markets.
India’s foreign ministry also noted that discussions during the meeting revolved around leveraging technology to spur economic and human development innovations with the potential to reshape the global landscape.
Addressing a crowd of 15,000 Indian-Americans in New York, Modi referred to them as “brand ambassadors” for India and emphasized the nation’s pivotal role in promoting global development, peace, climate action, and supply chain resilience.
During the Quad summit, Modi had a significant engagement with US President Joe Biden, culminating in the signing of several key agreements. Notably, the India-US semiconductor pact—a landmark initiative—aims to establish a fabrication plant dedicated to producing essential chips for national security and advanced technology sectors.
This pioneering project marks India’s first collaboration with the US in providing semiconductor solutions for military applications, highlighting a strategic partnership aimed at enhancing technological resilience and reducing dependency on foreign suppliers.
While previous efforts to establish a robust semiconductor manufacturing ecosystem in India have faced challenges, the current geopolitical climate underscores the importance of this deal. Analysts suggest that the arrangement signifies a renewed commitment to bolster India’s capabilities in this critical industry.
In addition to technology discussions, the recent Quad summit resulted in a joint statement emphasizing maritime security in the Indo-Pacific, sending a clear message against destabilizing actions directed at regional security.
As Modi undertakes his first official visit to the US since securing his third term, this engagement has gained added significance amid the upcoming US presidential elections and evolving global geopolitical dynamics.