PM Narendra Modi cajoles US industry captains to invest in India

Washington: Prime Minister Narendra Modi on Thursday met a group of five top American corporate leaders on a one-on-one basis from a range of diverse sectors ranging from drones to 5G, semi-conductor, and solar and encouraged them to step up their investments by highlighting the vast opportunities in India.

"Talking technology...," the Prime Minister's Office said in a Twitter post after Modi's meeting with Qualcomm CEO Cristiano Amon and First Solar CEO Mark Widmar. They had a productive interaction, it said.

"PM Modi highlighted the vast opportunities India offers. Mr. Amon expressed keenness to work with India in areas such as 5G and other" Digital India efforts, it added. Qualcomm, which started its operations in 1996, has operations specialising in wireless modem and multimedia software, Digital Signal Processing (DSP) and embedded applications, and digital media networking solutions.

In India, Qualcomm Ventures has invested in companies that address key domestic issues from dairy, transportation to defence. "Toward making India a global innovation hub!" Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi tweeted.

The Prime Minister had a conversation with Amon on investment opportunities in hi-tech sectors in India. "Discussed recent electronics and telecom manufacturing PLI schemes; and measures to strengthen innovation ecosystem," he added. They discussed investment opportunities offered in India's telecommunications and electronics sector.

This included the recently launched Production Linked Incentive Scheme (PLI) for Electronics System Design and Manufacturing (ESDM) as well as developments in the semiconductor supply chain in India, the MEA said in a release. "Strategies for building the local innovation ecosystem in India were also discussed," the ministry added.

"Powering India's Solar Potential!" Bagchi said after Modi's meeting with Widmar. They discussed India's renewable energy landscape. Widmar shared plans to use the PLI scheme for manufacturing solar power equipment with unique thin-film technology; and integrating India into global supply chains, Bagchi said in a tweet.

First Solar has successfully commissioned 150 MW of Utility-Scale Solar Power to the Grid in India and has installed 1.8 GW of solar capacity in the country. Early this year, it announced its intention to set up a new 3.3 GW Facility in India. As such First Solar is contributing to India's plans to ramp up solar power generation to 100 GW by 2022. During the meeting, the prime minister elaborated on India's efforts to harness solar energy, including the 'One world, One sun and One grid' initiative and investment opportunities in the sector, his office said in a tweet. "They talked about India's renewable energy landscape, particularly solar energy potential, and our target of 450 GW electricity generation from renewable sources by 2030," the ministry said.

Discussions also took place about First Solar's interest in setting up manufacturing facilities in India using their unique thin-film technology by availing the recently launched Production Linked Incentive (PLI) Scheme, as well integrating India into global supply chains, it added.

In his meeting with Adobe CEO Shantanu Narayen, Prime Minister Modi discussed Adobe's ongoing activities in India and future investment plans, according to Bagchi. "Ideas to leverage Digital India flagship programme in sectors like health, education and R&D were also discussed," he said. "Deepening Knowledge Partnerships!" he tweeted.

After North America, India represents Adobe's biggest operations with over 6,000 employees across its campuses in Noida and Bengaluru. India also serves as an innovation hub for Adobe, with the Indian R&D team contributing to development of every Adobe product. Moreover, initiatives such as Adobe's Grassroots Innovation Challenge and Women-in-Technology Scholarship are fueling the ongoing digital revolution in India. Modi also met Vivek Lall, chief executive of General Atomics, and Stephen A Schwarzman from Blackstone. The Prime Minister and Lall discussed India's strides in drone technology, including the path-breaking reforms and PLI scheme, the PMO said in a tweet. "They spoke about strengthening the defence technology sector in India.

Lall appreciated the recent policy changes to accelerate defence and emerging technology manufacturing and augment capacity building in India," the MEA said. General Atomics, which opened its first office in India in 2018, is making significant contributions to deepen India-US defence and security cooperation. It is working with both governments in an effort to provide India with the latest systems and technologies supporting national defence.

General Atomics has also partnered with Indian companies to develop solutions for Indian defence as well as capacity building. "India remains an attractive investment destination! PM @narendramodi met Mr. Stephen Schwarzman, CEO @blackstone. Discussed ongoing projects and further investment opportunities in India, including under the National Infrastructure Pipeline and National Monetisation Pipeline," Bagchi tweeted.

Blackstone, which started its operations in India in 2006 and has so far invested around USD 15 billion in various sectors including private equity, real estate, education, fashion, packaging and housing finance. Blackstone Real Estate Fund is said to be the largest owner of commercial real estate in India. The company played a key role in launching India's first real estate investment trust (REIT) along with its partner Embassy Group in 2019 and has since then launched two REITs in the country.