Demonstrating a shared commitment to global supply chain resilience, India and the United States have voiced their support for the construction of a robust semiconductor supply chain while also reaffirming their dedication to sustaining high-level dialogues between governmental bodies, industries, and academic institutions.
This resolve was solidified during a bilateral meeting between Prime Minister Narendra Modi and US President Joseph Biden, wherein both leaders advocated for ongoing efforts to transform the India-US Strategic Partnership founded on trust and mutual understanding.
This significant meeting transpired shortly after President Biden arrives in New Delhi to attend the G20 Summit, presided over by Prime Minister Modi. Both dignitaries acknowledged the Microchip Technology multi-year initiative, which involves an estimated investment of $300 million to bolster its research and development operations in India. Additionally, they recognized the announcement made by Advanced Micro Devices, committing to a $400 million investment over five years to enhance its research, development, and engineering operations within the nation.
Joseph Biden | Image by: The White House | Twitter
Modi and Biden expressed their contentment with the progress made since the announcements in June 2023 by US-based companies, Micron, LAM Research, and Applied Materials. They also welcomed the signing of a Memorandum of Understanding (MoU) between the Bharat 6G Alliance and Next G Alliance, managed by the Alliance for Telecommunications Industry Solutions. This pivotal MoU signifies the initial step towards intensifying public-private collaboration between vendors and operators.
Additionally, both nations are progressing towards the establishment of investment platforms designed to reduce capital costs and expedite the roll-out of renewable energy, battery storage, and emergent green technology projects within India. “Towards this end, India’s National Investment and Infrastructure Fund and the US Development Finance Corporation exchanged letters of intent to each provide up to $500 million to anchor a renewable infrastructure investment fund,” according to the joint statement.
Modi and Biden also deliberated on the development of an ambitious ‘Innovation Handshake’ agenda as part of the India-US Commercial Dialogue. This comprehensive agenda will feature two key events, hosted respectively by India and the United States, facilitating collaboration between start-ups, private equity and venture capital firms, corporate investment departments, and government officials, thereby strengthening the innovation ecosystems of both nations.
Furthermore, both leaders committed to maintaining a high level of engagement between the governmental bodies, industries, and academic institutions of their respective countries. They also endorsed the Women in the Digital Economy Initiative, aimed at accelerating the closure of the digital gender divide by uniting governments, private sector entities, foundations, civil society, and multilateral organizations.
This pivotal meeting underscores the robust partnership between India and the United States and their shared commitment to fortifying the global semiconductor supply chain, promoting green technology initiatives, and fostering innovation and gender equality within the digital economy.
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