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What Piyush Goyal's US Visit Means For India From Tesla doubling its component imports from India, enhancing US-India technology collaboration to exploring opportunities in India's semiconductor & deep-tech space, Piyush Goyal, minister of commerce and industry is strengthening US-India trade and economic ties

By Shrabona Ghosh

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The four-day U.S. visit of Piyush Goyal, minister of commerce and industry, is all about strengthening US-India trade and economic ties. As part of this visit, the minister confirmed that Tesla would double its component imports from India, besides, Goyal also met Tim Archer, president and CEO, LamResearch and also held meetings to enhance India-US commercial cooperation and business engagement.

"Visited @Tesla's state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers & finance professionals working at senior positions and contributing to Tesla's remarkable journey to transform mobility. Also proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its component imports from India, he mentioned in," posted on X.

Meeting Tim Archer, President & CEO, LamResearch, Goyal hinted at India's ambitious plans in the semiconductor industry. "Discussed an innovation-led future & investment opportunities in India's semiconductor & deep-tech space that is ably supported by a robust talent pool," he mentioned.

He also co-chaired the industry roundtable titled, 'Decoding the Innovation Handshake: US–India Entrepreneurship Partnership' and held a bilateral meeting with US Secretary of Commerce Gina Raimondo on the sidelines of the IPEF Ministerial Meeting and discussed the growing India-US commercial cooperation and business engagement.

An MoU on "Enhancing Innovation Ecosystems through an Innovation Handshake" was signed between the two sides with the objective to connect India's dynamic startup ecosystems particularly in critical and emerging technologies (CET), which is poised to positively impact economic activity, attract investment and generate employment. CEOs of various Information Communication Technology (ICT) companies, startups and investors in the critical and emerging technology space discussed how to enhance US-India technology collaboration.

"Through the Innovation Handshake, the United States and India are forging a critical tech partnership that will further strengthen our interconnected innovation ecosystems," said Secretary Raimondo in a statement. "This is an important step to bolster the U.S.-India commercial relationship and I look forward to building on this progress with Minister Goyal to help U.S. and Indian workers and businesses succeed."

The announcement laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024, which include an investment forum aimed toward helping U.S. and Indian startup companies take their innovative ideas and products to market. The Innovation Handshake, a concept developed under the U.S.-India Commercial Dialogue, will bring the two governments together with venture capital leaders, entrepreneurs, and other industry and institutional stakeholders in a series of discussions designed to open up opportunities and address challenges in the priority sectors identified under the U.S.-India initiative for Critical and Emerging Technology (iCET).

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
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