India to invest $15 bn in making chips: PM meets US tech giants

Prime Minister Narendra Modi announced India’s ambitious plan to invest $15 billion (approximately ~1,25,000 crore) in the semiconductor sector during a high-profile roundtable with top technology leaders in New York. The event, held at the Lotte New York Palace Hotel, brought together 15 prominent US-based tech CEOs, including Sundar Pichai (Google), Jensen Huang (Nvidia), and Julie Sweet (Accenture).

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The roundtable, organised by the Massachusetts Institute of Technology’s (MIT) School of Engineering, focused on key technology areas such as Artificial Intelligence (AI), quantum computing, biotechnology, life sciences, and semiconductor technologies. Modi emphasised India’s immense growth potential and called for stronger bilateral collaboration in these fields.

The Ministry of External Affairs highlighted the significance of the meeting, with Modi sharing on social media: “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.”

Modi reiterated his vision to position India as the world’s third-largest economy during his third term and stressed the importance of the country’s BIO E3 policy, which aims to transform India into a biotechnology powerhouse. He also underscored the need to promote AI in a way that benefits all people, focusing on ethical and responsible use.

The PM further emphasised India’s dedication to intellectual property protection and fostering tech innovation, encouraging global companies to co-develop, co-design, and co-produce in India for the international market.

Sundar Pichai, after the meeting, noted, “Modi pushed us to continue making in India and designing in India. He is challenging us to do more with AI to benefit the people of India.” Other notable attendees included AMD CEO Lisa Su, IBM CEO Arvind Krishna, HP CEO Enrique Lores, and Moderna Chairman Noubar Afeyan.