PM Modi invites global tech CEOs to participate in India’s growth narrative

Prime Minister Narendra Modi encouraged CEOs of major U.S. companies to leverage India’s growth narrative as the country strives to become the third-largest economy in the world during his third term.

Currently, India ranks as the fifth-largest economy globally, following the U.S., China, Germany, and Japan with a GDP of approximately $3.9 trillion. It has been one of the fastest-growing major economies, boasting a GDP growth rate of over 7% for the past three consecutive years.

Speaking to CEOs of leading U.S. tech firms on Sunday, PM Modi emphasized that India will make every effort to achieve the goal of becoming the third-largest economy during his term from 2024 to 2029.

He urged companies to seize the opportunities presented by India’s growth story for collaboration and innovation through co-development, co-designing, and co-producing in India for the global market, tapping into the potential arising from the country’s economic and technological advancements.

Assuring business leaders of India’s strong commitment to protecting intellectual property and fostering technological innovation, PM Modi highlighted the significant economic transformation occurring in sectors like electronics, information technology manufacturing, and semiconductors.

His government is committed to making India a “global hub for semiconductor manufacturing,” he reiterated.

CEOs from fifteen significant American companies involved in cutting-edge technologies, including artificial intelligence, quantum computing, and semiconductors, convened at the Lotte New York Palace Hotel on Sunday as part of PM Modi’s second leg of a three-day visit to the United States.

We discussed innovation, technology, and other topics during a fruitful roundtable with tech CEOs in New York. I also emphasized how far India has come in this field. In a post on X, PM Modi said, “I am happy to see such strong optimism towards India.”

During the conference, PM Modi emphasized that technology collaboration and initiatives like the Initiative on Critical and Emerging Technologies (ICET) are central to the India-U.S. Comprehensive Global Strategic Partnership, according to a release from the Ministry of External Affairs.

Organized by the Massachusetts Institute of Technology (MIT) School of Engineering, the meeting brought together CEOs from prominent U.S. tech firms, including Sundar Pichai of Google, Shantanu Narayen of Adobe, Julie Sweet of Accenture, and Jensen Huang of NVIDIA.

The CEOs of AMD, HP Inc., IBM, and Verizon, as well as Dr. Noubar Afeyan, Chairman of Moderna, and Enrique Lores, CEO of HP Inc., were also present at the roundtable.

PM Modi also discussed India’s BIO E3 (biotechnology for environment, economy, and employment) policy aimed at establishing the country as a biotech leader and highlighted that India’s approach to AI promotes its ethical and responsible use for all.

The CEOs acknowledged India’s rising status as a global technology hub fueled by its innovation-friendly policies and abundant market opportunities. They expressed a keen interest in investing and collaborating with India, agreeing that supporting startups presents a synergistic opportunity for innovation and the development of new technologies in the country.

Other attendees at the meeting included the CEOs of Biogen Inc. and Bristol Myers Squibb, Chris Viehbacher of Biogen, David A. Ricks of Eli Lilly and Company, Tim Archer of LAM Research, Thomas Caulfield of GlobalFoundries, and Martin Schroeter of Kyndryl.

“Forging stronger ties between business and technology. At a roundtable today in New York, organized by the Massachusetts Institute of Technology School of Engineering, Prime Minister @narendramodi spoke with leading IT executives and CEOs in the United States. In a post on X, the official account of the MEA noted that the PM “highlighted India’s growth potential and discussed initiatives aimed at promoting collaboration and innovation across various sectors.”

The Prime Minister also held a separate meeting with Krishna P. Singh, CEO of Holtec International, which specializes in nuclear and solar power generation.

According to a post on X by PMO India, they spoke about Holtec’s strategy to increase manufacturing in India and advance energy collaboration.

PM Modi spoke to the Indian diaspora earlier on Sunday, September 22, 2024, in the crowded Nassau Veterans Coliseum in Long Island, New York. In addition, he had bilateral discussions with international leaders here on the fringes of the U.N. General Assembly.

PM Modi arrived in New York on Saturday (September 21, 2024), following the Quad Leaders’ Summit hosted by President Joe Biden in Wilmington, Delaware.