New York/Internet/Hyderabad, Sept 23 (Maxim News): Prime Minister Narendra Modi urged CEOs of US majors to take advantage of India’s growth story as the country is making all efforts to become the third largest economy of the world in his third term.
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India is currently the fifth largest economy in the world after the US, China, Germany, and Japan with a GDP of around $3.9 trillion. India has become the fastest-growing large economy in the world with a GDP growth rate of over 7 percent for the last three consecutive years.
Addressing CEOs of large US tech firms, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29).
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Companies should take advantage of India’s growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country’s economic and technological growth, he said.
PM Modi Highlighted India’s Economic Transformation
Assuring the business leaders of India’s deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors.
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Modi asserted that his government was committed to making India a “global hub of semiconductor manufacturing.” The meeting took place at the Lotte New York Palace Hotel on Sunday during the second leg of Modi’s three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing, and semiconductors.
“Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation, and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India,” Modi said in a post on X.
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PM on India-US Comprehensive Global Strategic Partnership
During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technology (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release.
Organized by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Haung attended the meeting.
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Others who participated in the roundtable included AMD CEO Lisa Su. HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr. Noubar Afeyan, Chairman of Mederna, and Verizon CEO Hans Vestberg.
Modi also talked about India’s BIO E3 (biotechnology for environment, economy, and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India’s policy is to promote AI for all, underpinned by its ethical and responsible use. (Maxim News)
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