Nirmala Sitharaman Explores Economic Partnerships in San Francisco

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, commenced her 11-day trip to the United States and Peru in San Francisco, where she engaged with prominent figures in technology and investment sectors. Her visit focused on enhancing bilateral cooperation in various emerging areas, including technology, artificial intelligence (AI), and energy.

Meetings with Technology Leaders

During her time in San Francisco, Sitharaman met with key executives to discuss potential collaborations. Noteworthy discussions included:

• A meeting with Anjney Midha, a General Partner at the venture capital firm a16z, and Raghu Raghuram, CEO of VMware. They explored the transformative potential of AI in sectors such as education and healthcare.
• Raghuram emphasized that AI acts as a critical infrastructure, highlighting India’s substantial work and visibility in this field.
• Midha stated that a16z is currently engaged in various sectoral funds worldwide to tackle pressing global challenges.

India’s AI Initiatives

Sitharaman articulated India’s commitment to AI development, emphasizing the importance of skilling the youth for emerging opportunities in this domain. The Ministry of Finance indicated her encouragement for a16z to consider partnerships that align with India’s growth trajectory in AI.

Further conversations took place with Thomas Kurian, CEO of Google Cloud. They discussed the significant advancements in India’s digital infrastructure under the #DigitalIndia initiative, which has positioned the nation as a global leader in digital adoption. Kurian also praised India’s AI mission and advocated for expanding connectivity through land and sea cables.

Investment Opportunities Discussed

Throughout the visit, Sitharaman addressed various institutional investors during a luncheon hosted by the Indian Consulate. Key takeaways from the discussions included:

• Investors expressed strong interest in enhancing Indo-U.S. investment collaboration.
• Sitharaman highlighted opportunities in energy, sustainability, and the newly proposed private sector-driven research initiatives, stating a significant budget allocation of ₹1 lakh crore (approximately USD 12 billion).

Collaboration with DataRobot

Sitharaman’s discussions extended to Debanjan Saha, CEO of DataRobot, where she presented India’s strategic investments in AI initiatives. She mentioned an allocation of ₹500 crore for the AI Centre of Excellence, fostering a collaborative environment for innovation.

Engagement with Turing

In a meeting with Jonathan Siddharth, CEO of Turing, Sitharaman reiterated India’s robust policy framework for AI and encouraged further joint efforts in this evolving space.

Upcoming Activities

Following her engagements in San Francisco, Sitharaman is set to travel to Washington D.C. from April 22-25. Here, she will participate in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, as well as the G20 Finance Ministers and Central Bank Governors Meetings.

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