The Economic Effects of PM Modi’s Visit to the United States

India and the United States share a strong partnership, especially in terms of
trade and investment. PM Modi’s visit to the US will further strengthen this
bond and open up new avenues of growth for both countries.

One of the major impacts of PM Modi’s US trip will be the
rise in investment opportunities in
India. With his agenda focused on attracting foreign investment, his meeting
with CEOs of top multinational companies will result in increased investments
in various sectors, such as technology, manufacturing, and renewable
energy.”  

Read also this: As he wraps a 3-day state visit, PM Modi tells the diaspora, “India and the US together shaping lives, dreams, and destinies.”

After meeting PM Modi during a state visit, Andy Jassy, the CEO
of Amazon, announced on Twitter that they plan to invest $26 billion in India
by 2030. Jassy tweeted, “We discussed Amazon’s pledge to invest $26
billion in India by 2030; working together, we will support startups,
create jobs, enable exports, and empower individuals and small businesses to
compete globally.”

The $26 billion investment includes previously announced
plans to invest $12 billion in India’s cloud infrastructure by 2030. This
investment will support an estimated annual average of 1,31,700 jobs in Indian
business, according to a statement from the company.

“These investments will not only boost job creation in
India but also enhance technology transfer and innovation, contributing to the
overall growth of the Indian economy.”

After visiting Narendra Modi in Washington, DC on Friday,
Google and Alphabet CEO Sundar Pichai said that Google is investing $10 billion
in India’s digitisation fund and that PM Modi’s Digital India programme is a
model for other nations.

“PM Modi’s trip will also give a significant boost to
bilateral trade between India and the US. Strengthening trade ties will lead to
an increase in exports and imports, benefitting industries on both sides.

For instance, Indian textile manufacturers will have an
opportunity to export their products to a larger market, while Indian consumers
might enjoy a greater variety of top-quality American goods.”

GE Aerospace signed a partnership agreement
with Hindustan Aeronautics Limited (HAL) to build fighter aircraft engines for
the Indian Air Force during PM Modi’s US visit. India might produce GE
Aerospace’s F414 engines under the agreement. Amid PM Modi’s official state
visit to the US, the general Electric and Hindustan Aeronautics limited MoU to
develop fighter jet engines for the IAF represents a major milestone in defence
cooperation.

Increased trade will improve the balance of payments and help
stabilize the Indian currency, making it more attractive for foreign investors.
This will contribute to economic stability and growth.”

“PM Modi’s US trip will also focus on fostering
innovation and technology collaborations between the two countries. This will
result in knowledge sharing, joint research projects, and the establishment of
tech hubs. Such collaborations will play a crucial role in shaping a more
robust and knowledge-based Indian economy.

“By nurturing entrepreneurship and supporting research
and development activities, India can become a global innovation powerhouse,
creating new technologies and solutions to address global challenges.”  

PM
Modi’s US trip in June 2023 holds immense potential for the Indian economy. From
attracting investments to boosting trade, enhancing technology collaborations
to fostering innovation, this visit will pave the way for India’s economic
growth and development.” 

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