Finance and Corporate Affairs Minister Nirmala Sitharaman talked about the big investments that top US companies promised to make during Prime Minister Narendra Modi's historic State visit to the US and Egypt. India and the US signed agreements that include technology partnerships, such as strengthening semiconductor supply chains, a critical minerals partnership, advanced telecommunications, space, quantum, advanced computing, artificial intelligence, cutting-edge research, innovations, and fibre optics.
Sitharaman talked about the $2.75 billion that US-based Micron is putting into a semiconductor and test plant in Gujarat. Over the next few years, this is projected to create 5,000 new direct jobs and 15,000 indirect jobs. She also talked about the Alliance of Rare Earths and Materials, which is expected to support the planned investment of more than $2 billion to set up a Centre for Semiconductor Commercialization and Innovation.
Up to 60,000 young people will be taught by Semiverse Solutions (LAM Research) about artificial intelligence and semiconductors. Amazon Inc. has said that it will spend an extra $15 billion over the next seven years. This will help create more jobs in India. Amazon has promised to digitise 10 million small businesses, allow $20 billion in exports, and create 2 million jobs in India by 2025.
Sitharaman also talked about the deal between GE Aerospace and Hindustan Aeronautics Limited (HAL) to make F414 engines together. These engines will be used in HAL's Tejas planes. India will now be the biggest place for ship repairs. This is because the US Navy has signed a Master Ship Repair Agreement (MSRA) with Larsen and Toubro Shipyard in Kattupalli (Chennai) and is finishing up agreements with Mazagon Dock Limited (Mumbai) and Goa Shipyard (Goa) to allow US Navy ships in the middle of a mission to be serviced and repaired at Indian shipyards.
Sitharaman praised how quickly money is being put into semiconductors and other technologies. She also said that 50 Global Centres are being set up around the world for data security and other related issues, with 50 of them almost done in India. She also said that India will pay for a Tamil Studies Chair to be set up at the University of Houston.
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