During a recent business meeting in Singapore on September 5, 2024, Prime Minister Narendra Modi emphasized the urgent need to construct over 100 new airports across India, citing the aviation sector as the fastest-growing globally. Modi urged businesses to invest in airport development, stating that the Indian government is committed to working three times harder in the next five years compared to the last decade [61d4ad07]. He also highlighted India's aggressive entry into the semiconductor sector, noting that five companies are already in production, which aligns with the government's broader push for technological advancement and self-reliance in critical industries [61d4ad07].
In addition to aviation and semiconductors, Modi pointed out the remarkable growth of over 100,000 startups in India, a significant increase from just hundreds a decade ago. He praised the Unified Payments Interface (UPI) for its role in contributing to 50% of global digital financial transactions, showcasing India's leadership in digital finance [61d4ad07]. Modi projected that India would emerge as a leading producer of alternate energy by 2030, reinforcing the government's commitment to sustainable development and energy independence [61d4ad07]. However, he raised concerns about the lack of competition in domestic air traffic, urging reforms to enhance the sector's competitiveness [61d4ad07].
These developments come alongside India's ongoing collaborations in quantum technology and artificial intelligence with the United States and Austria. Union Minister of State for Science and Technology, Dr. Jitendra Singh, recently met with a delegation from the U.S.-India Business Council to discuss these partnerships, which aim to bolster India's capabilities in critical technologies [0503cc1d]. Dr. Singh highlighted the government's vision for AI and machine learning, as well as the progress made in the biotech industry, which has reached $140 billion with over 4,000 companies [df2d12cd].
Furthermore, Modi's government is focusing on infrastructure development, with projects like the upcoming Vadhavan port in Maharashtra expected to generate significant employment opportunities. Modi criticized opposition parties for opposing infrastructure projects, asserting that these initiatives are vital for India's growth and development [76951612].