PM Modi encourages CEOs of five major companies to step up investments in India

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Prime Minister Narendra Modi held consecutive one-on-one meetings with CEOs of five major global companies on the first day of his three-day US tour. The companies came from a variety of sectors, from drones to 5G to semiconductors and solar.

By highlighting the tremendous opportunity in India, PM Modi encouraged the CEOs of Qualcomm Ventures, Adobe, First Solar, General Atomics and Blackstone to step up their investments in the country.

Following Thursday’s meetings, Prime Minister Modi said, “During the morning I had extensive discussions with top CEOs and business leaders about investing in India. They were grateful for India’s reform course. Closer economic ties between India and the United States benefit the people of our nations. “

Qualcomm Ventures

The Indian Prime Minister met for the first time with Cristiano R Amon, President and CEO of technology giant Qualcomm Ventures, and discussed topics such as 5G, PLI programs for electronics and telecommunications manufacturing, and measures to strengthen the innovation ecosystem.

During the meeting, PM Modi spoke about “making India a global innovation hub,” said Foreign Ministry (MEA) spokesman Arindam Bagchi. Cristiano R Amon, meanwhile, has shown an interest in working with India on areas such as 5G.

Qualcomm Ventures, specializing in wireless modem and multimedia software, digital signal processing (DSP) and embedded applications, and digital media network solutions. In India, it has invested in companies dealing with key domestic issues from dairy products to transportation to defense.

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Adobe

Prime Minister Narendra Modi next met Adobe’s CEO Shantanu Narayen and spoke about the company’s ongoing operations in India. The two also had discussions on ideas to leverage the flagship Digital India program in sectors such as health, education and research and development.

After North America, India is Adobe’s largest company with over 6,000 employees in Noida and Bengaluru. India also serves as the innovation hub for Adobe, with the Indian R&D team involved in the development of every Adobe product. In addition, initiatives like Adobe’s Grassroots Innovation Challenge and Women-in-Technology Scholarship are fueling the ongoing digital revolution in India.

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First solar

Next in line to meet PM Modi was First Solar utility CEO Mark Widmar. The two talked about India’s renewable energy landscape. During the meeting, the Prime Minister outlined India’s efforts to harness solar energy, including the One World, One Sun and One Grid initiative and investment opportunities in the sector.

There was also discussion of First Solar’s interest in setting up manufacturing facilities in India using their unique thin film technology by leveraging the recently launched Production Linked Incentive (PLI) program and integrating India into global supply chains, it added.

First Solar has successfully commissioned 150 MW of utility-scale solar power in India and installed 1.8 GW of solar capacity in the country. Earlier this year the company announced its intention to build a new 3.3 GW facility in India. With this, First Solar is contributing to India’s plans to increase solar power generation to 100 GW by 2022.

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General atomics

Prime Minister Narendra Modi then met Vivek Lall, CEO of General Atomics, and discussed ways to further develop armaments manufacturing and the use of new technologies to increase Indian construction capacity.

Prime Minister Modi spoke to Vivek Lall about India’s liberal drone policy and manufacturing opportunities due to the PLI program, which said India was an attractive destination for drone manufacturing. He also said a dedicated drone hub can be created in India to support the entire drone ecosystem.

General Atomics, which opened its first office in India in 2018, is making significant contributions to deepening India-US defense and security cooperation. It is working with both governments to equip India with the latest systems and technology to support national defense.

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Black stone

The last CEO PM Modi met on Thursday was Stephen Schwarzman of Blackstone, who briefed him on the company’s ongoing projects in India and his interest in further investing in the infrastructure and real estate sectors.

Prime Minister Narendra Modi also spoke with Blackstone CEO about “various investment opportunities in India,” including those emerging from the National Infrastructure Pipeline and the National Monetization Pipeline.

Blackstone, which started operations in India in 2006 and has invested approximately $ 15 billion to date in a variety of sectors including private equity, real estate, education, fashion, packaging and home finance.

(With PTI inputs)

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