Apple, Google Expanded Phone Production in India; More US Firms to Explore Tech Sector: US Treasury Secretary
4 min read
[ad_1]
United States Treasury Secretary Janet Yellen on Saturday explained that technology providers like Apple and Google have expanded their mobile phone production in India, and as the US looks ahead to the long term, she is eager to deepen ties in the technological innovation sector.
United States Treasury Secretary Janet Yellen was talking at the roundtable with US and Indian Tech Company Leaders in Bengaluru on the sidelines of the initial Finance Ministers and Central Lender Governors assembly beneath the India’s G20 Presidency.
“I am eager to deepen out ties in the technological know-how sector. The US is advancing an solution called “friendshoring” to bolster the resilience of our offer chains. We are undertaking this by strengthening integration with our lots of trusted trading companions-including India. We are viewing development, as an case in point, technology firms like Apple and Google have expanded their cell phone generation in India,” Yellen stated.
Janet mentioned by means of the Partnership for Global Infrastructure and Expense (PGII), the US is investing in digital technologies that will drive inclusive and resilient development in India.
Under PGII, the US has declared investment in agri-tech to permit local climate-good agricultural manufacturing, and in electronic payments programs for micro-entrepreneurs, Yellen stated, adding that these stand along with investments, in renewable vitality, wellbeing and other infrastructure sectors in India.
Total, the secretary said the US aims to mobilise $200 billion (almost Rs. 16,58,500 crore) via 2027 for PGII and the US appears to be like ahead to partnering with India to keep on investing in long run.
The Roundtable was attended by top rated chief executives like Sandip Patel from IBM, Nandan Nilekani from Infosys, Nivruti Rai from Intel, Rishad Premji from Wipro, Josh Foulger from Foxconn, Vikram Rai from GE, Rekha Menon from Accenture, Alexander Slater from US India Company Council (USIBC) and Nivedita Mehra from US-India Strategic Partnership Discussion board (USISPF).
Yellen’s explained that US is India’s major investing partner.
“In 2021, our bilateral trade was above $150 billion (just about Rs, 12,43,900 crore). Our people-to-men and women ties affirm the closeness of our partnership. 2 lakh Indians are studying in The usa and enriching our faculties and universities,” she explained, adding, “We count on each and every other on a every day basis. Indians use WhatsApp to connect and a lot of American companies depend on Infosys to function.”
Yellen’s final visit to India was in November for the US-India Economic and Fiscal Partnership.
Nandan Nilekeni, Non-Executive Chairman, Infosys, said Infosys has 330,000 worldwide workforce.
Infosys has strong foundation in the US.
A planet-course instruction centre in Indianapolis intended for only American persons.
Nilekeni mentioned, “We have recruited 7,000 fresh new graduate this year. We get the job done with all the US universities and have schooling institutes with 1,200 instructors in the US and we want to grow that.”
Nilekani reported that Infosys operates India tax system at backend. “Complete income tax and items and services tax (GST) method is run by Infosys at the backend which is all digital and paperless,” he extra.
He also reported that US has invented online and international positioning technique (GPS). “We realised that if we allow community infrastructure as a result of the governing administration at scale and make it open up normal at the degree taking part in area and becoming innovator at prime, magic like Aadhaar, Unique Identification Authority of India (UIDAI) takes place,” Nilekani extra.
Sandip Patel, Managing Director, IBM India/South Asia said that it was terrific to meet and focus on the strengthening India-US trustworthy know-how partnership.
“Proactive plan measures on essential and rising tech will bolster mate-shoring and reward financial system and people of both nations,” he additional.
For details of the most up-to-date launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile Globe Congress in Barcelona, pay a visit to our MWC 2023 hub.
[ad_2]
Resource connection Apple and Google’s move to expand production of their mobile devices in India has opened up the possibility of more US companies exploring investment opportunities in India’s tech sector, US Treasury Secretary Steven Mnuchin said.
The two tech giants announced in recent months their plans to expand their Indian manufacturing operations, demonstrating the confidence they have in the country’s growing technology infrastructure. Mnuchin stated that the expansion of phone production and research and development centers in India will be beneficial for both countries.
He further remarked that the US government is actively encouraging and supporting US firms that are exploring tech sector opportunities in India, as well as in other countries. Such firms, he said, will not only benefit from the opportunities provided in a country with an emerging technology infrastructure, but will also facilitate better exchange of information between different countries.
The US government has identified India as a crucial partner in its national security strategy. This initiative to promote US firms in India for expanding their production capacity and conducting research work, is seen as a way to strengthen the ties between the two countries and increase American influence in the region.
Mnuchin further opined that this move will help Indian businesses to acquire the highest standard of technology available with the help of US tech companies and increase their productivity. He added that such collaborations will see a reduction in the number of products and services imported from other countries and encourage the development of more advanced products and services locally.
With India looking to further strengthen its already booming technology sector, increased US investment will be a welcome development and many American companies are expected to explore the potential of India’s tech sector in the coming weeks.
