FM Sitharaman pitches for India as manufacturing, innovation hub
New Delhi, Aug 31 (IANS) Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Monday called on 3M to deepen its investments in research and development, advanced manufacturing and local supply-chain development in India as she pitched the country as an increasingly important hub for technology, innovation and global manufacturing.
Taking to the social media platform X, the Ministry of Finance said the minister made the remarks during a meeting with 3M Chairman and CEO William Brown on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Asheville, North Carolina, today.
The discussions focused on ways to deepen the US multinational’s engagement with India as the country evolves beyond being a large consumer market into a platform for advanced manufacturing, technology and innovation, the ministry said in a post on X.
The two sides also discussed data security and ways to optimise the engagement of India’s talent pool within domestic enterprise ecosystems.
In addition, Brown appreciated the availability of a deep talent pool in India and said there were significant opportunities for technology development as well as local markets. He also acknowledged the support extended by the Indian government as part of its broader economic and structural reforms, according to the ministry.
The Finance Minister said there was considerable scope for 3M to expand localisation, R&D, and technology development in India by leveraging the country’s talent and manufacturing capabilities.
She said regional innovation could help 3M serve not only the domestic market but also wider global and Asia-Pacific supply chains.
The Finance Minister also called for greater investment by the company in R&D, advanced manufacturing capabilities and the development of local supply-chain networks.
FM Sitharaman acknowledged 3M’s continued confidence in the Indian economy and suggested avenues for further expansion of its presence in the country.
The meeting was held as FM Sitharaman participates in the G20 FMCBG meeting and associated engagements in Asheville over the next two days.
Moreover, the Finance Minister arrived at Greenville-Spartanburg International Airport in South Carolina earlier and was received by India’s Ambassador to the US Vinay Mohan Kwatra.
–IANS
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