On the technology front, US chipmaker Micron Technology will invest $825 million in a new $2.75 billion chip assembly and testing plant in the Indian state of Gujarat. US semiconductor toolmaker Applied Materials is also investing $400 million over four years in a new engineering center in India.
President Joe Biden and Prime Minister Narendra Modi at the White House on June 22
India has agreed to join the US-led Mineral Security Partnership (MSP) initiative to create a supply chain for critical minerals. India’s Epsilon Carbon will invest $650 million to build an electric vehicle battery component plant, hiring more than 500 employees over five years. Once approved, the facility will be India’s largest investment in the US electric vehicle battery industry, according to the White House. The two sides also initiated and signed cooperation related to advanced technologies in telecommunications, space, quantum computing and artificial intelligence, and fiber optics.
Receiving Prime Minister Modi, President Biden hails new era in US-India relations
In defense, US-based General Electric signed an agreement with Indian state-owned Hindustan Aeronautics to manufacture F414 engines in India. According to Reuters, the engines will be used for Indian Air Force fighter jets. New Delhi also approved a plan to buy 31 MQ-9B SeaGuardian armed drones from US-based General Atomics. In another notable agreement, US Navy warships will be serviced and repaired at several Indian ports.
On the other hand, the US State Department will facilitate visa renewals for Indian workers in the US, while both sides also announced plans to open more consulates in each other's cities.
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