US Investment in India: Finance Minister Nirmala Sitharaman pleads the US chip manufacturing firms to invest more in India and be a part of the growth.
Finance Minister Nirmala Sitharaman has called on top US leaders to join India’s growth story.
At the roundtables held by Silicon Valley CII and the US-India Business Council (USIBC), the minister, in particular, cited fintech as an important opportunity for sustainable and inclusive growth.
At a meeting with top semiconductor company executives in San Francisco, Sitharaman highlighted the opportunities for U.S. companies in India to become a trusted players in the semiconductor industry when global companies are engaged in this area. Emphasized the government’s commitment. A chain aiming for diversification from China.
Last year, the federal government approved a 76,000 crores Manufacturing Incentive Initiative (PLI) to boost India’s semiconductor and display production to make India a global high-tech manufacturing hub and attract major chip makers.
Industry leaders in the semiconductor ecosystem, including engineering, manufacturing, equipment, technology and systems in San Francisco, told the Minister of Finance at a roundtable meeting that they have significantly expanded their capabilities in India over the past few years and work with the academy for research and development.
After a pandemic hit the domestic supply of cars, laptops and mobile phones, a serious shortage of semiconductors in the global market led the government to introduce a PLI program in December 2021 to boost India’s chip production.
Finance Minister Nirmala Sitharaman
Separately, according to Bloomberg, India will establish a local business with global chipmakers Intel Corp, GlobalFoundries Inc and Taiwan Semiconductor Manufacturing Co as part of a domestic focus on higher-tech manufacturing. Are discussing. “I do most of the marketing for these big companies myself,” Rajeev Chandrasekhar, a former Intel engineer and current Minister of Technology and Entrepreneurship, told the press. “We meet the CEO, talk to them, and give a presentation.”
Why India is a potential investor :-
The International Monetary Fund predicts that the country will continue to be the world’s fastest-growing major economy for at least the next two years.
Devinder Kumar, AMD’s Chief Financial Officer, talked about the company’s growth in India and how India can achieve strong growth with the Atmanirbhar Bharat initiative.
The Minister of Finance also participated in a meeting with venture capital (VC) and private equity (PE) investors focusing on the clean energy sector. According to the Ministry of Finance, the discussion covered India’s clean energy production potential, energy alternatives, waste to energy, green steel, carbon capture, and more.
Finance Minister Nirmala Sitharaman
Also read: Worldwide Food Crisis, Nirmala Sitharaman said WTO creating problems for India on exporting food!
