Biden’s India Visit: Investment Ban in China Spurs American Companies Towards India
US President Joe Biden’s visit to India is expected to be significant for the G-20 summit. Prior to this trip, Biden has imposed a ban on American companies investing in artificial intelligence, semiconductor, and quantum computing in China. This decision by Biden is likely to directly benefit India.
Sources suggest that following this decision, investments of approximately Rs. 1200 crore have already been directed towards India. This positions India to potentially become a new hub in the global semiconductor supply chain. During his recent visit to the United States, Prime Minister Modi reached agreements related to semiconductors and GE Jet Engines, further emphasizing the potential for India’s role in this industry.
The discussions between President Biden and Prime Minister Modi are expected to include topics related to bilateral trade. Both nations may explore avenues to achieve a target of Rs. 30,000 crore in bilateral trade by 2026-27. Currently, the trade volume between the two countries stands at around Rs. 19,000 crore.
Cooperation Agreement in Space Post Chandrayaan-Aditya
American officials have suggested that following the successful missions of Chandrayaan and Aditya, there could be a new agreement on space cooperation between India and the United States within the G-20 framework. The US-India Business Council has been actively working on a Space Working Group in recent years, indicating growing collaboration in the space sector between the two nations.
