During his visit to the United States, Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, interacted with Micron Technology CEO Sanjay Mehrotra and YouTube CEO Neal Mohan. The discussions focused on exploring opportunities for these corporations to expand their presence in India. Minister Goyal underscored India’s potential, citing its youthful talent pool, robust business ecosystem, and growing economy as appealing factors for investment.
Participating in the Indo-Pacific Economic Framework (IPEF) summit in San Francisco, Goyal engaged with Silicon Valley entrepreneurs and venture capitalists. He emphasized the investment opportunities presented by India and its conducive environment for business growth. In June 2023, the Indian government approved Micron’s plans to establish a $2.7 billion semiconductor test and packaging facility in Gujarat, marking Micron’s entry into chip manufacturing in India.
Further, Goyal took part in a roundtable discussion at Stanford University, where he highlighted the numerous collaboration opportunities with Indian higher education institutions. The focus was on fostering a dynamic exchange of knowledge, research, and innovative solutions to address global challenges.
In a separate discussion with Chartered Accountants from the San Francisco Chapter of ICAI, Goyal explored how the CA fraternity’s skill set and network could contribute to enhancing the economic partnership between India and the US.
India, the United States, and 12 other IPEF members signed a supply chain resilience agreement. The objective is to reduce dependence on China and facilitate the transfer of production in critical sectors and key items among member nations. Additionally, India and the US inked a memorandum of understanding to promote innovation by enhancing startup collaboration, addressing regulatory barriers, and sharing best practices in fundraising for entrepreneurs.
