Sitharaman, 3M CEO discuss expanding manufacturing, R&D in India

Union Finance Minister Nirmala Sitharaman met 3M Chairman and CEO William Brown on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, with discussions focusing on expanding the US-based technology and manufacturing company's presence in India.
According to media reports, the meeting centred on strengthening 3M's engagement in India across research and development, advanced manufacturing and local supply chains, the Finance Ministry said.Sitharaman said there was considerable scope to deepen localisation, R&D and technology development in India by leveraging the country's talent and manufacturing capabilities.“With 3M's capabilities, there is considerable scope to deepen localisation, R&D and technology development in India, especially by leveraging Indian talent and manufacturing capabilities through regional innovation to serve both the domestic market and wider global and Asia-Pacific supply chains,” Sitharaman said, according to a post by the ministry.Sitharaman also highlighted India's evolving role beyond being a large consumer market, positioning the country as an increasingly important hub for advanced manufacturing, technology and innovation.
Sitharaman acknowledged 3M's “consistent confidence in India” and encouraged greater investment in research and development, advanced manufacturing and the development of local supply chains.The discussions also covered data security and ways to make greater use of India's talent pool within domestic enterprises.Brown appreciated India's deep talent pool and said there were significant opportunities for technology development as well as growth in local markets, according to sources.The 3M CEO also acknowledged the support extended by the Government of India as part of its broader reform agenda.The discussions come as India seeks to strengthen domestic manufacturing capabilities and attract greater investment in technology, innovation and high-value production, while integrating Indian businesses and talent more closely with regional and global supply chains.

(Business Correspondent)