Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said that the slew of investment commitments made by top US corporations post Prime Minister Narendra Modi’s historic first State visit to the US has the potential to spur employment opportunities for Indian workforce and engineering professionals in a big way in the coming days.

Briefing media at the BJP headquarters on Prime Minister Narendra Modi’s recent State visit to the US and Egypt, Sitharaman listed out various agreements signed between India and the US in fields ranging from technology partnership which included strengthening of semiconductor supply chains; critical minerals partnership; advanced telecommunications, space; quantum, advanced computing & artificial intelligence; cutting edge research; innovations and fibre optics.

She highlighted that the planned $2.75 billion investment of US-based Micron for a semiconductor and test plant in Gujarat would lead to 5,000 new direct jobs and 15,000 indirect jobs over the next few years. “We are also becoming a part of Alliance of Rare Earths and materials. In this it is expected to support more than $2 billion planned investment for setting up Centre for Semiconductor commercialisation and innovation”, she said.

This centre is being set up (by Applied Materials) in Bengaluru and in the first five years of operation, the centre is expected to support 500 new advanced engineering jobs and potentially another 2,500 jobs in manufacturing ecosystem, she added.

Similarly Semiverse solutions (LAM Research) will train upto 60,000 youth in artificial intelligence and use of semiconductor related education, she said. She also highlighted that announcement of additional $15 billion investment over next seven years by Amazon Inc would improve employment opportunities in India. 

Amazon has pledged to digitise 10 million small businesses, enable $20 billion in exports, and create 2 million jobs in India by 2025. “PM Modi’s visit to the US has been historic. I am extremely happy to say that it was a visit where both India and the United States redefined their partnership and established steps which would result in greater realisation of our national goals,” said Sitharaman.

Sitharaman also said that NASA will be providing advanced training to ISRO for a joint international space station in 2024.

In the field of Defence Cooperation, Sitharaman pointed out to the agreement between GE Aerospace and Hindustan Aeronautics Limited (HAL) for joint production of F414 engines. “These engines will be used for Tejas aircrafts of HAL — a company about which Indian opposition often sheds ‘crocodile tears’,” Sitharaman said

Ship repair hub

India will now become the biggest centre for ship repairs, Sitharaman said. Already, the US Navy has concluded a Master Ship Repair Agreement (MSRA) with Larsen and Toubro Shipyard in Kattupalli (Chennai) and is finalising agreements with Mazagon Dock Limited (Mumbai) and Goa Shipyard (Goa) to allow mid-voyage US Navy ships to undergo service and repair at Indian shipyards, she added.

Sitharaman said that the rapid investment in semiconductor and other technologies is benefitting the people of India. “As per Nasscom, if 100 Global Centres are being established globally for the purpose of data protection & related matters, 50 are already close to completion in India. The remaining 50 too have majorly Indians working in them. It’s testament to our increasing leadership in this sphere,” she said.

Sitharaman also said that India is funding the establishment of a Tamil Studies Chair at the University of Houston. 

Egypt’s highest state honour

Egyptian President Abdel Fattah El-Sisi on June 25 conferred the country’s highest state honour “Order of the Nile” award on Prime Minister Narendra Modi.

This is the 13th such highest state honour that various countries across the world have conferred upon PM Modi.

Sitharaman said that the fact that PM Modi received Egypt’s highest honour, the ‘Order of the Nile’, is a matter of great pride for India and its citizens.