PM Modi calls for French investment in emerging sectors including AI

New Delhi, Feb 12: India is making significant strides in artificial intelligence (AI) and harnessing its potential for the public good, Prime Minister Narendra Modi declared, urging global investors to bet on India’s young talent.

The Prime Minister expressed these views following his meeting with Sundar Pichai, CEO of Google and Alphabet, responding to Pichai’s post on social media platform X.

“Glad to have met you, @sundarpichai. India is making remarkable strides in AI, leveraging it for public good. We urge the world to come and invest in our nation and bet on our Yuva Shakti!” PM Modi posted.

The Prime Minister’s remarks came as he and French President Emmanuel Macron jointly addressed the 14th India-France CEOs Forum in Paris. The forum brought together business leaders from diverse sectors, including defence, aerospace, emerging technologies, infrastructure, artificial intelligence, and life sciences, underscoring the growing economic ties between the two nations.

In his address, Modi emphasized the deepening economic collaboration between India and France, highlighting the country’s emergence as a global investment hub. He cited India’s stable political environment and predictable policy framework as key factors attracting international investors.

Detailing recent economic reforms, the Prime Minister pointed to India’s decision to allow 100% foreign direct investment (FDI) in the insurance sector and open civil nuclear energy for private participation, particularly in small and advanced modular reactor (SMR and AMR) technologies. Additional reforms include rationalizing the customs rate structure and simplifying income tax laws to improve ease of living and business.

To enhance investor confidence, Modi noted the formation of a high-level committee for regulatory reforms aimed at fostering trust-based economic governance. He also highlighted the streamlining of over 40,000 compliance regulations in recent years as part of India’s pro-business approach.

Encouraging French enterprises to explore investment opportunities in India, Modi spotlighted key growth areas such as defence, energy, civil aviation, space, healthcare, fintech, and sustainable development. He emphasized global interest in India’s rapidly evolving sectors, including AI, semiconductors, quantum computing, critical minerals, and hydrogen energy.

Reaffirming the commitment of both nations to fostering innovation and technology-driven partnerships, the Prime Minister urged French companies to collaborate with India for shared prosperity. The forum also saw participation from External Affairs Minister Dr. S. Jaishankar, French Minister for Europe and Foreign Affairs Jean-Noël Barrot, and Minister of Economy, Finance, and Industrial and Digital Sovereignty Eric Lombard.

The event served as a platform for business leaders from both countries to explore new avenues for collaboration, reinforcing the India-France strategic partnership and mutual commitment to economic growth and technological advancement.