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With over USD 66 Billion already invested by US businesses in India, the collaboration between both the countries is poised to strengthen further
New Delhi, 02 August 2024: The American Chamber of Commerce in India (AMCHAM India), an apex chamber of U.S. Industry in India, and the only American business chamber based in India believes that American companies are expected to play an integral role in India’s journey towards becoming a developed nation by 2047.
The AMCHAM US-India Partnership Summit 2024 [USIPS-2024] themed ‘Building the world’s third largest economy’ scheduled for 8th August at New Delhi aims to examine, explore and establish new benchmarks for the size, scale and range of US-India business exchange especially in the context of India’s 2047 goals.
According to AMCHAM, US business have already invested over USD 66 Billion across critical sectors in India providing thrust and support to India’s vaunted ambitions to become the third largest economy in the world.
US company investments have not only bolstered India’s technological capabilities but have also created substantial employment opportunities. US businesses in India currently support over 5 million direct and indirect jobs in India, with many companies having their largest workforce outside the U.S. based in India.
In strategic sectors, U.S. companies have become key allies in India’s development. In the defense sector, companies like Lockheed Martin and Boeing have established strong partnerships with Indian firms. In the IT sector, giants such as Apple, AMD, Intel, and Microsoft are expanding their presence rapidly. Apple, in particular, has been increasing its manufacturing footprint in India, while AMD and Intel are contributing to India’s semiconductor ambitions.
Beyond these, US companies are playing a crucial role in India’s technological leap. Their collaboration on developing a 10,000+ GPU exascale machine for national security exemplifies the deep trust and collaboration in cutting-edge technologies.
Championing deeper business relationship between the two countries successfully, Ms Ranjana Khanna, Director General and CEO – AMCHAM India, said, “U.S.-India relationship has developed into a global strategic partnership, based on shared democratic values and increasing convergence of interests on bilateral, regional and global issues. At the Summit, we aim to have a dialogue over opportunities for collaboration between both the economies especially when India is poised to become the world’s third-largest economy.”
The summit will cover a broad spectrum of topics, ranging from India’s ambitious export targets and its appeal as an investment destination, to its digital transformation journey and efforts in sustainable development. Discussions will also focus on India’s evolving energy landscape and its aspirations to become a global supply chain leader through smart infrastructure development.
These conversations will underscore the strength and potential of the US-India partnership, highlighting how this strategic alliance can accelerate India’s progress towards its Viksit Bharat 2047 goals. By bringing together thought leaders, policymakers, and industry experts from both nations, the summit aims to foster dialogue, stimulate collaboration, and chart a course for mutual growth and prosperity. This event exemplifies the shared commitment of both countries to harness their combined strengths in technology, innovation, and sustainable development, positioning India for its ambitious economic transformation in the coming decades.