Overall industry sentiment after PM Modi’s US visit is of confidence and enthusiasm: CII

New Delhi: The overall sentiment following Prime Minister Narendra Modi’s US visit is of confidence and enthusiasm – a belief that a new era of India – US collaboration is underway, which will drive growth, innovation, and prosperity in the years ahead, the Confederation of Indian Industry (CII) said on Saturday.

Terming it a major milestone that will strengthen bilateral trade, investment, defence, and technology partnerships, the apex industry body noted that the wide-ranging joint statement and initiatives announced during the visit under the framework of US-India COMPACT have set a clear forward-looking agenda for India-US relations, creating new opportunities for the industry and economic growth.

“A new chapter has been added to the India-US partnership, enabling much stronger collaboration in strategic sectors including defence, energy, semiconductors, space and emerging technologies like artificial intelligence (AI), quantum computing, advanced materials, and biotechnology,” said Chandrajit Banerjee, Director General, CII.

This creates an environment for the private sector on both sides to flourish in true partnership. The visit is especially significant as it will boost manufacturing in India, attract increased foreign direct investment and create jobs, Banerjee added.

The target of $500 billion in trade by 2030 promises to give a huge boost to exports of labour-intensive goods from India and industrial goods from the US, offering many new opportunities for Indian industry.

The CII also expects that easier market access and regulatory harmonisation will emerge from the proposed bilateral trade agreement dialogues, helping Indian products and services find a greater foothold in the US market and vice versa.

A critical area of partnership that featured in the discussion was around energy which is set to establish long-term links as India strives to diversify its energy sourcing.

Given India’s ambitious net zero targets, the US with its vast gas reserves can play the role of a steady supplier to meet India’s energy demands, noted the industry body.

The discussion around nuclear reactors, coming close on the heels of India’s recently announced nuclear energy targets of 100 GW by 2047, has laid the foundation for technology collaboration and new fossil-free fuel options, it emphasised.

Several other sectors are poised to benefit significantly from the visit outcomes, including critical minerals, advanced materials and pharmaceuticals.

“The new deals and frameworks are expected to enable Indian industry to scale up, innovate, and integrate more deeply with global markets. Increased defence co-production and technology sharing mean Indian firms can participate in advanced manufacturing and Research and Development, elevating their capabilities,” said Banerjee.

–IANS