How PM Modi's visit to the US is sparking a wave of investments

Prime Minister Narendra Modi marks the beginning of an important diplomatic journey through his first official state visit to the US. Stepping on the American soil, he led the ninth International Yoga Day celebrations and addressed an event hosted by US first lady Jill Biden at the National Science Foundation (NSF) in Washington. He also engaged with a diverse array of influential people, among the most notable names include Tesla CEO Elon Musk. However, his meetings didn’t end here. Some reports suggest that CEOs of prominent companies such as Apple, FedEx and Marriott are invited to the state dinner organised by President Joe Biden at the White House. With this, India is gaining the attention of global corporations as they seek new sources of labour and revenue in the midst of the US’ efforts to find an alternative to China. It also signals that Indian prime minster is really driven to improve the business environment and India is open for business. High on the agenda will be removing regulatory constraints to doing business, particularly in the tech space, encouraging more American companies to consider investing in India. **Also Read: Modi US visit: What the PM discussed with ’24 thought leaders’** The United States is the third largest source of foreign investment for India, with over $60 billion (Rs 4.91 lakh crore) invested between 2000 and 2023, according to official data. Following are some recent investment announcements, mostly by US companies: Tesla Elon Musk said Modi was pushing the electric-car maker to make a “significant investment” in the country, adding that such an announcement was expected soon. Micron Technology India’s Cabinet approved the chipmaker’s $2.7 billion (Rs 22,121,100 crore) plan for a new semiconductor testing and packaging unit, a senior government source said, ahead of Modi’s state visit to the United States. **Also Read: How Narendra Modi’s visit to US marks India’s self-discovery after 75 years** Boeing The aircraft-maker plans to invest about $24 million (Rs 196 crore) in India to set up a logistics centre for airplane parts. The announcement preceded the company bagging an order for 220 jets from Air India. Amazon Amazon Web Services said it planned to invest $13 billion (Rs 1.06 lakh crore) in India by 2030 to build its cloud infrastructure and create thousands of jobs. [caption id=“attachment_12772662” align=“alignnone” width=“640”] Prime Minister Narendra Modi meets Tesla and SpaceX CEO Elon Musk during a meeting in New York. AP[/caption] Apple The US tech giant opened its stores in Mumbai and Delhi in April. It has been trying to make India a bigger manufacturing base and has started manufacturing several products there through contract electronics makers Foxconn, Wistron Corp and Pegatron Corp. During his visit to India in April, CEO Tim Cook said Apple was “committed to growing and investing across the country.” Foxconn The Taiwanese contract manufacturer plans to invest $500 million (Rs 4,096 crore) to set up manufacturing plants in the south Indian state of Telangana and almost $968 million (Rs 7,930 crore) in neighbouring Karnataka. The investments are expected to create more than 70,000 jobs, Indian officials have said. **Also Read: How PM's state visit to the US will be beneficial to India** The Apple supplier also plans to build a factory in India to manufacture AirPods, Apple’s wireless earphones. Cisco Systems The US networking equipment maker will begin manufacturing from India as it looks to diversify its global supply chain. It has set a target of $1 billion (Rs 8,193,000 crore) in production and exports from India over the next few years. Walmart The retail giant’s CEO met Modi during his India visit last month and reiterated that the company planned exports from India worth $10 billion (Rs 81,930,000 crore) a year by 2027. With inputs from Reuters Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.