The Indian industry bodies and veterans have welcomed the announcements made by American tech giants Amazon and Google, towards more investments and bringing global fintech operations centre.
Commenting on the development, Chandrajit Banerjee, Director General, CII said that the Prime Minister’s US 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. The visit is also significant as we see new areas where industries on both sides would benefit significantly from the outcomes,” Banerjee said.
‘Natural partners’
He added that the US and India are natural partners and CII would play its part to support this vision laid out by the two leaders. “The summit ushers into a strategic collaboration between India and US in the technology sector. As India enters into Techade, the announcements and investment commitments made will lead to the era of co-shore design, manufacturing and development from the present relationship of offshore design and development,” Faisal Kawoosa, Chief Analyst and founder at Techarc told businessline.
India is gradually inching towards becoming a technology nation than being a software and services country, he said.
According to Minister for Petroleum and Natural Gas, Hardeep Singh Puri, Google and Amazon are mulling investments to the tune of $10 billion and $15 billion in India and “these investments are in the global good”. “These are investments not just in India, but will have a (beneficial) effect on the global economy. These investments are in global good,” he said.
Also read: Self-regulation holds key for start-ups ecosystem to remain vibrant, says G20 Sherpa Amitabh Kant
According to IT industry body Nasscom, the partnership between the US and India focuses on fostering open and inclusive digital economies through the development and deployment of Digital Public Infrastructure (DPIs) in developing countries, leveraging India’s successful implementation.
This collaboration provides India with the opportunity to solidify its position as a global digital innovation hub, setting an exemplary model for other nations to follow, it said.
“Both the countries will work on responsible AI, aiming to advance AI education, foster commercial opportunities and address concerns related to discrimination and bias. Nasscom has been working closely with the entire ecosystem to leverage and propel AI-led technological advancements, driving innovation and growth across sectors,” it added.