PM Modi's US visit to bolster strategic collaboration: India Inc

Prime Minister Narendra Modi and President Joe Biden in a meeting with American and Indian business leaders at the White House, Washington, on June 23, 2023. (PTI Photo)

Prime Minister Narendra Modi's US visit will boost bilateral ties and deepen strategic technology collaboration in areas like defence, semiconductor, space and artificial intelligence, India Inc said on Saturday.

PM Modi left for Egypt on Saturday after concluding his US state visit, during which he held talks with President Joe Biden and addressed the joint session of Congress.

CII Director General Chandrajit Banerjee stated that the visit has culminated in laying a strong foundation for further strengthening the Indo-US relationship.

"A new chapter has been added to the partnership that will see a much stronger collaboration in strategic technology collaboration, including defence, semiconductor, and space and in emerging technology sectors like AI and quantum, advanced materials, biotechnology, and telecommunications," Banerjee stated.

He observed that the visit is also significant as we see new areas where industry on both sides would benefit significantly from the outcomes.

"This also creates an enabling environment for the private sectors on both sides flourish in the spirit of true partnerships. This visit is especially significant, as it would help create greater play of manufacturing in India, FDI flows and naturally, more employment," Banerjee said.

Another industry body Assocham said the Prime Minister's visit has taken India-US strategic and commercial relations to greater heights, paving the way for immense opportunities for bilateral engagement.

''Prime Minister's visit is being viewed as a turning point in Indo-US relations in a fast-changing world order which would see both the countries emerge as the most influential economies with strategic prowess in the unfolding international political economy,'' Assocham Secretary General Deepak Sood said.

He observed that while Modi demonstrated India's soft power as he participated in the International Yoga Day at the UN headquarters in New York, the Prime Minister's personal chemistry with President Biden at the White House demonstrated shared cultural values of the two largest democracies of the world.

"In his inspirational address to the joint sitting of the US Congress, Modi conveyed to the world substantive all-round progress India has made in the most critical areas for our country and the world," Sood said.

He added that the Make In India initiative has started yielding dividends in electronics and strategic space of defence manufacturing, as is evident in the deal between GE Electric and Hindustan Aeronautics for manufacture of fighter jet engines in India.