US-India Business Council praises US and Indian governments for prioritizing iCET sectors in Budget 2024.

Following the release of the interim budget for the financial year 2024-25 on February 01, Atul Keshap, President of the US-India Business Council (USIBC), commended both the US and Indian governments for their attention to iCET sectors and budgetary allocations. Keshap remarked, “This budget reflects a confident, prudent, and pro-growth approach by the Indian government, signaling optimism about the country’s economic trajectory. It provides investors with reassurance regarding the stability of government policies, which is highly positive. My congratulations to the Finance Minister, her team, and the government as a whole.”

He continued, “The budget harmonizes well with the iCET (Initiative on Critical and Emerging Technology) launched by both governments and the US chamber in January 2023. Notably, there’s a $12 billion fund earmarked for nurturing ‘sunrise’ sectors in deep tech and future tech, alongside substantial investments in semiconductors. The Indian government’s emphasis on artificial intelligence, quantum computing, and other iCET sectors is commendable. I recently led an aerospace and defense mission to Delhi, where we had productive discussions. I commend both governments for their commitment to iCET sectors and this budget, underscoring the tangible financial backing behind this focus.”

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