On October 2, the United States hosted the sixth meeting of the U.S.-India CEO Forum, co-chaired by India’s Minister of Commerce and Industry, Piyush Goyal, and U.S. Secretary of Commerce, Gina Raimondo. This Forum is a crucial platform designed to foster collaboration between business leaders from the U.S. and India, aiming to provide joint recommendations for bolstering bilateral trade and investment.
The meeting was marked by a reaffirmation from both U.S. and Indian government representatives, as well as the Forum’s CEO members, of their shared commitment to enhancing bilateral trade. They also underscored their dedication to promoting inclusive economic growth and fostering innovation, highlighting the strength of the U.S.-India partnership in these areas.
In a show of appreciation, Secretary Raimondo and Minister Goyal expressed their gratitude towards the private sector co-chairs for 2023-2024: James Taiclet, President and CEO of Lockheed Martin, and N. Chandrasekaran, Chairman of Tata Sons. Their leadership was praised for driving key initiatives within the Forum. The meeting also recognized the significant contributions of other Forum members, whose recommendations and initiatives have shaped the future of U.S.-India commercial engagement.
Among the key accomplishments discussed was the launch of the NIHIT (Network for Innovation and Harnessing Investments and Trade for Inclusive Growth) platform. This publicly accessible tool was created to boost innovation and trade between the two nations, supporting U.S. and Indian startups and small businesses through online knowledge sharing and networking. Since its inception, NIHIT has facilitated four workshops, covering topics like cybersecurity, digital technologies, and artificial intelligence (AI). These workshops have attracted over 1,000 participants, including startups, small businesses, and entrepreneurs from both nations.
The U.S.-India CEO Forum is composed of representatives from 22 U.S. companies and 25 Indian companies, and its members continue to announce groundbreaking initiatives that strengthen commercial ties between the two nations. One such initiative involved a major agreement between Lockheed Martin and Tata Advanced Systems Limited to support the Indian Air Force. The two companies signed a teaming agreement for the C-130J Super Hercules aircraft, establishing a dedicated maintenance and repair facility in India. This collaboration also supports the expansion of aircraft manufacturing, demonstrating how U.S. companies are actively contributing to India’s defense sector.
In the technology and financial sectors, significant advancements were made as well. Kyndryl Inc., an American IT infrastructure services provider, announced its partnership with CreditAccess Grameen, an Indian microfinance company. Together, they aim to digitize the processing of microloans, making it easier for over 2 million women in rural India to access credit. This partnership highlights the transformative potential of technology in enabling financial inclusion and empowering women in underserved areas.
Pharmaceutical companies are also expanding their presence in India. Amneal Pharmaceuticals, a U.S.-based company, recently announced the launch of several new medicines and celebrated the groundbreaking of a peptide manufacturing facility in Ahmedabad, India. This facility will play a critical role in producing specialized medicines, further enhancing India’s position as a global pharmaceutical manufacturing hub.
The energy sector saw notable contributions as well. Honeywell International delivered a 1.4 MWh Battery Energy Storage System, which became a key component of India’s first on-grid solar project in the Lakshadweep Islands. This system is expected to improve the sustainability and reliability of solar power in the region, marking a significant step forward in India’s renewable energy efforts. The project serves as a model for future solar energy projects in the country.
Meanwhile, U.S.-based Pfizer launched its first commercial analytics center in India, called the “Analytics Gateway.” This new center will utilize AI and advanced analytics to streamline market research and improve the delivery of medicines in India. The center’s focus on AI and data analytics reflects a broader trend of using cutting-edge technologies to enhance the healthcare sector and improve patient outcomes.
Further expanding collaborations, Viasat, a global communications company, signed a Memorandum of Understanding (MOU) with the Government of India. This MOU sets the foundation for future cooperation in developing next-generation space technologies. Viasat’s involvement will focus on providing high-speed internet services across India, contributing to the country’s broader digital inclusion efforts. This collaboration emphasizes the growing importance of satellite-based technologies in connecting underserved and remote regions to the internet.
Additionally, Otis Worldwide, an American manufacturer of elevators and escalators, broke ground on an expansion of its manufacturing facility in Bengaluru, India. This expansion will double Otis’ escalator production capacity in the country, aligning with the rapid infrastructure development across India. The increased production will support a wide range of projects, including residential and commercial developments as well as transportation networks.
The sixth U.S.-India CEO Forum highlighted the increasingly strategic role of U.S. businesses in India’s development across various sectors, from defense and technology to energy and pharmaceuticals. The Forum’s collaborative efforts are pivotal in enhancing the economic relationship between the two countries, further solidifying their roles as key partners in the global economy.
As Secretary Raimondo noted, “The U.S.-India CEO Forum is an essential platform for our two countries to collaborate on strengthening our commercial relationship. Through the work of our private sector leaders, we are driving significant innovation and creating economic opportunities that benefit both nations.” Similarly, Minister Goyal echoed this sentiment, stating, “The collaboration between our business communities is fostering inclusive growth and innovation, which will contribute to the long-term prosperity of both India and the United States.”
The continued engagement of U.S. and Indian businesses through the CEO Forum, combined with initiatives like NIHIT, demonstrates the commitment of both nations to not only deepen their bilateral commercial ties but also to ensure that growth is inclusive, sustainable, and innovation-driven. By harnessing the strengths of their respective industries, the U.S. and India are well-positioned to lead the global economy in the years to come.