Prime Minister Narendra Modi has called on CEOs of major US technology companies to seize the opportunities presented by India’s rapid economic growth. During a roundtable discussion with top executives in New York on Sunday, Modi emphasized India’s ambition to become the world’s third-largest economy during his third term in office.
Currently the fifth-largest economy, with a GDP of approximately USD 3.9 trillion, India has been one of the fastest-growing economies, registering over 7% growth for three consecutive years. Modi reaffirmed that India will continue its growth trajectory, aiming to surpass Germany and Japan by 2029.
“India will make every effort to become the third-largest economy in the world in my third term (2024-29),” Modi said while addressing the CEOs.
The prime minister invited the business leaders to collaborate with India by co-developing, co-designing, and co-producing in the country, highlighting India’s potential as a hub for technological innovation. Modi assured the CEOs of India’s deep commitment to protecting intellectual property rights and fostering a robust ecosystem for technology innovation, especially in electronics, information technology manufacturing, and semiconductors.
Modi emphasized, “Companies should take advantage of India’s growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world.”
The roundtable was held at the Lotte New York Palace Hotel and was attended by CEOs from 15 major US-based firms specializing in cutting-edge technologies, including artificial intelligence, quantum computing, and semiconductors. Tech giants in attendance included Google CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Accenture CEO Julie Sweet, and NVIDIA CEO Jensen Huang, among others.
“Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation, and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India,” Modi said in a post on X (formerly Twitter) following the event.
He also highlighted India’s BIO E3 policy, aimed at turning India into a biotechnology powerhouse, and reiterated the country’s commitment to promoting AI for all, with an emphasis on ethical and responsible use.
“Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasized India’s growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors,” the Ministry of External Affairs posted on X.
The CEOs responded positively, praising India’s favorable business environment and expressing a strong interest in expanding their investments in the country, particularly in its startup ecosystem. They acknowledged the Indian government’s innovation-friendly policies and growing market potential.
The participants of the roundtable included industry heavyweights like AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Moderna Chairman Dr. Noubar Afeyan, and Verizon CEO Hans Vestberg. Others present were Biogen Inc. CEO Chris Viehbacher, Bristol Myers Squibb CEO Chris Boerner, Eli Lilly CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and Kyndryl CEO Martin Schroeter.
In a separate meeting with Krishna P Singh, CEO of Holtec International, Modi discussed expanding Holtec’s manufacturing operations in India and advancing cooperation in the nuclear and solar energy sectors. “They discussed Holtec’s plan for expanding manufacturing in India and advancing energy cooperation,” the Prime Minister’s Office stated in a post on X.
Modi’s engagement with US business leaders marks a key highlight of his three-day US visit, aimed at strengthening India-US ties, particularly in technology and economic collaboration. Earlier in the day, Modi also addressed a large gathering of the Indian diaspora at the Nassau Veterans Coliseum on Long Island and held bilateral meetings on the sidelines of the UN General Assembly session.