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PM Modi's US visit may encourage more American firms to invest in India

The United States is the third largest source of foreign investment for India, with over $60 billion invested between 2000 and 2023, according to official data

PM Modi, US President, Joe Biden, US Frist Lady, Jill Biden

PM Modi with US President Joe Biden and Frist Lady Jill Biden

Reuters

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(Reuters) - Indian Prime Minister Narendra Modi's visit to the United States may encourage more American companies to consider investing in the South Asian country as they look to reduce their reliance on China for manufacturing-related activities.
The United States is the third largest source of foreign investment for India, with over $60 billion invested between 2000 and 2023, according to official data.
Following are some recent investment announcements, mostly by U.S. companies:
TESLA
Elon Musk said Modi was pushing the electric-car maker to make a "significant investment" in the country, adding that such an announcement was expected soon.
MICRON TECHNOLOGY
India's cabinet approved the chipmaker's $2.7 billion plan for a new semiconductor testing and packaging unit, a senior government source said, ahead of Modi's state visit to the United States.
Modi met Micron CEO Sanjay Mehrotra in Washington on Wednesday and invited the company to boost semiconductor manufacturing in India, the Indian government said in a statement on Thursday.
Boeing The aircraft-maker plans to invest about $24 million in India to set up a logistics centre for airplane parts. The announcement preceded the company bagging an order for 220 jets from Air India.
AMAZON.COM
Amazon Web Services said it planned to invest $13 billion in India by 2030 to build its cloud infrastructure and create thousands of jobs
APPLE
The U.S. tech giant opened its stores in Mumbai and Delhi in April. It has been trying to make India a bigger manufacturing base and has started manufacturing several products there through contract electronics makers Foxconn, Wistron Corp and Pegatron Corp
During his visit to India in April, CEO Tim Cook said Apple was "committed to growing and investing across the country."
FOXCONN
The Taiwanese contract manufacturer plans to invest $500 million to set up manufacturing plants in the south Indian state of Telangana and almost $968 million in neighbouring Karnataka. The investments are expected to create more than 70,000 jobs, Indian officials have said.
The Apple supplier also plans to build a factory in India to manufacture AirPods, Apple's wireless earphones.
CISCO SYSTEMS
The U.S. networking equipment maker will begin manufacturing from India as it looks to diversify its global supply chain. It has set a target of $1 billion in production and exports from India over the next few years.
WALMART
The retail giant's CEO met Modi during his India visit last month and reiterated that the company planned exports from India worth $10 billion a year by 2027.
GENERAL ELECTRIC
Modi invited General Electric to play a "greater role" in aviation and renewable energy sectors in India in a meeting with CEO Lawrence Culp on Wednesday, the Indian government said.
APPLIED MATERIALS
Modi invited Applied Materials to contribute towards strengthening the "semiconductor ecosystem" in India and developing "process technology and advanced packaging capabilities" in a meeting with CEO Gary Dickerson in Washington on Wednesday.
 
(Reporting by Sakshi Dayal, Shivam Patel in New Delhi, and Akash Sriram and Yuvraj Malik in Bengaluru; editing by Eileen Soreng)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 22 2023 | 10:19 AM IST

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