India, United States (US) can boost ties in semiconductors, pharma, nuclear: Union Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman
- IBEF
- April 23, 2025
Union Minister for Finance & Corporate Affairs, Ms. Nirmala Sitharaman, has said India and the United States (US) can strengthen their long-standing economic collaboration to enable partnership and investments in key sectors such as semiconductors, nuclear power generation, pharmaceuticals, and quantum computing. Speaking at Stanford University in the US, she said there had been a threefold increase in new trade restrictions since 2019, and both advanced and emerging economies are striving to protect domestic production and jobs. She said that global trade and investment landscapes are being reimagined to bring about a better balance between externally led growth and domestic growth. The finance minister highlighted the importance of manufacturing as a force multiplier for services sector growth. She said scaling up manufacturing is essential to absorb a youthful workforce, reduce core dependencies, and build competitive global supply chains while stressing that the government wants to increase the share of manufacturing in jobs from 12% to 23% through a focus on sunrise sectors.
She also said that over the past decade, the government has placed significant thrusts on infrastructure development to create a solid foundation for manufacturing-led growth by bolstering investor confidence. She said this has been enabled by a more than fourfold increase in the Union government’s capital expenditure between FY18 and the FY26 Budgets. She said sustaining India's growth momentum over the next two decades calls for a fresh approach grounded in bold reforms, stronger domestic capacities, renewed institutional partnerships, and adaptive strategies suited for the evolving global landscape. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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