SBI lauds PM Modi’s US, Egypt Visit, terms it ‘Beginning of a new world order’

New Delhi, 3rd July 2023: While detailing the economic impact of Prime Minister Narendra Modi’s recent visits to the United States and Egypt in its Ecowrap research report, the State Bank of India stated that this is the beginning of a new world order of collaborative knowledge economies.

According to the study, the trips are a significant step on both an economic and strategic level. The report goes on to say that strengthening ties between India and these two countries is “vital for India’s economic development and position in the Indo-Pacific.”

According to the SBI Ecowrap analysis, the US visit signifies a shift in the onshoring of chip manufacturing in India. US chipmakers announced a $825 million FDI with a total investment of $2.75 billion to establish a semiconductor assembly and testing plant in India.

According to the report, China’s supremacy is being challenged by coordinated efforts including major powers such as the United States, Japan, Taiwan, South Korea, the Netherlands, and now India. The strategic alliance between the United States and India is critical for guiding the uncertain future in the face of growing global conflicts.

The report added, “The future collaborations in new defence domains will include the collaboration in defence application of space and AI technology. This will cover prototyping of projects, testing, collaborative research, and co-production of defence systems.”

Finally the report stated, “In all, the two recent visits mark significant long term economic gains for India. Development will have a cascading impact on economic growth in India and extended neighbourhood.”