Prime Minister Narendra Modi urged CEOs of U.S. 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.

India is currently the fifth largest economy of the world after the U.S., China, Germany and Japan with a GDP of around $3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7% for the last three consecutive years.

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Addressing CEOs of the large U.S. tech firms on Sunday, PM 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.

Assuring the business leaders of India’s deep commitment to the protection of intellectual property and to fostering tech innovation, PM Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors.

PM 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 PM Modi’s three-day U.S. visit. It saw the participation of CEOs of 15 major U.S.-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,” PM Modi said in a post on X.

During the conference, PM Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-U.S. Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release.

Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top U.S. tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang 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 Moderna, and Verizon CEO Hans Vestberg.

PM 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.

The CEOs appreciated India’s growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country.

Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter.

“Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of U.S.A, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India’s growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors,” the official account of the MEA said in a post on X.

The Prime Minister had a separate meeting with Krishna P. Singh, CEO of Holtec International, which is into nuclear and solar power generation.

They discussed Holtec’s plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X.

Earlier on Sunday (September 22, 2024), PM Modi addressed the Indian diaspora at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the U.N. General Assembly session here.

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