New Delhi, August 31: India’s Finance and Corporate Affairs Minister, Nirmala Sitharaman, urged American multinational company 3M to increase its investments in research and development (R&D), advanced manufacturing, and local supply chain development in India. She emphasized that India is rapidly emerging as a significant center for technology, innovation, and global manufacturing, offering vast opportunities for international companies.
The Finance Ministry announced on social media platform X that Sitharaman made these remarks during a meeting with 3M’s Chairman and CEO, William Brown, at the G-20 Finance Ministers and Central Bank Governors meeting held in Asheville, North Carolina. This meeting was part of various bilateral engagements that took place alongside the main event.
The primary focus of the discussions was to strengthen 3M’s involvement in India. Both parties acknowledged that India is no longer just a large consumer market but is becoming a global platform for advanced manufacturing, technology development, and innovation-driven production.
The ministry reported that topics such as data security, technological advancements, and effectively integrating Indian talent into the domestic industrial ecosystem were also discussed during the meeting. Sitharaman highlighted that India possesses skilled human resources, robust manufacturing capabilities, and a rapidly evolving industrial infrastructure, which 3M could leverage to expand its R&D and technology development programs.
She urged 3M to enhance localization, expand R&D activities, and invest more in developing new technologies. Sitharaman noted that innovations developed in India would not only meet domestic market needs but could also strengthen supply chains across the Asia-Pacific region and globally.
She appealed to the company to increase investments in advanced manufacturing capabilities, local supply chain networks, and R&D centers. The Finance Minister stated that India’s growing industrial capacity and vast talent pool could provide global companies with a long-term competitive advantage.
William Brown, 3M’s Chairman and CEO, praised the abundant talent resources available in India. He acknowledged the significant opportunities in technology development and the local market. Brown also commended the support provided to industries by the Indian government through economic and structural reforms.
Sitharaman welcomed 3M’s confidence in the Indian economy and discussed potential areas for expanding the company’s presence in India. She assured that the Indian government is continuously working on reforms to create a favorable and competitive business environment for global companies.
Notably, Nirmala Sitharaman will participate in the G-20 Finance Ministers and Central Bank Governors meeting and related events in Asheville over the next two days. Prior to this, she arrived at Greenville-Spartanburg International Airport in South Carolina, where she was welcomed by India’s Ambassador to the U.S., Vinay Mohan Kwatra.
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