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India's Moment of Opportunity: Applied Materials CEO Believes It's Time to Shine After Meeting PM Modi

India and US Sign MoU to Boost Semiconductor Supply Chain Resiliency

22 June 2023


Kunal Tyagi

India produced 3X more unicorns than China in 2022.png
  • The meeting between PM Narendra Modi and Gary E. Dickerson of Applied Materials has instilled optimism for India's potential in the semiconductor industry.

  • A Memorandum of Understanding (MoU) signed between India and the US aims to strengthen the semiconductor supply chain and support India's aspiration to become a hub for electronic goods.

  • Collaboration between India and the US in the semiconductor sector is expected to create commercial opportunities and foster innovation ecosystems.

The recent meeting between Prime Minister Narendra Modi and Gary E. Dickerson, the President and CEO of Applied Materials, has sparked excitement and optimism for India's potential to drive remarkable growth in the semiconductor industry. During the meeting, Dickerson expressed his belief that this is India's time to shine, highlighting the country's exceptional talent and the trusted partnership it shares with many nations around the world.

India's Moment of Opportunity:

According to Dickerson, India is poised for incredible growth, and Applied Materials is committed to working closely with PM Modi and the Indian government to achieve tremendous success. With plans to establish an innovation center in India focusing on equipment innovation, Applied Materials aims to leverage the country's talent and potential for unprecedented growth.

Strengthening Collaboration: Semiconductor Supply Chain MoU:

The meeting between PM Modi and Sanjay Mehrotra, President-CEO of Micron Technology, culminated in the signing of a Memorandum of Understanding (MoU) between India and the United States. This MoU establishes a collaborative mechanism for semiconductor supply chain resiliency and diversification. Given the US's CHIPS and Science Act and India's Semiconductor Mission, this partnership is expected to propel India's dream of becoming a hub for electronic goods.

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US-India Cooperation in Semiconductor Sector:

The semiconductor sector is dominated by giants like the US and China. However, the newly formed partnership between India and the US is set to strengthen cooperation and open doors to commercial opportunities and innovation ecosystems in India. With the shared goal of enhancing the semiconductor industry, this collaboration is poised to have a profound impact on India's growth prospects.

General Electric's Expanding Presence in India:

PM Modi's meeting with H Lawrence Culp Jr, Chairman and CEO of General Electric (GE) and GE Aerospace, unveiled ambitious plans to boost GE's operations in India. Recognizing the soaring demand for air travel in the subcontinent post-Covid, GE Aerospace aims to consolidate its position as the preferred engine supplier for India's commercial airliners. This expansion aligns with India's record orders for hundreds of planes, solidifying GE's commitment to India's growth.

India's Diplomatic Engagements:

As part of his visit to the United States, PM Modi will attend a state dinner hosted by President Joe Biden and First Lady Jill Biden. Additionally, he is scheduled to address the UN Congress of Representatives, further highlighting India's diplomatic engagements and its growing role on the global stage.

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