New Delhi, February 22 (IANS). The world’s leading tech companies have promised to invest hundreds of billions of dollars in Artificial Intelligence (AI) projects related to India. This announcement came at a time when a major AI summit was organized in India, in which many of the world’s biggest leaders and top industry executives participated.
These investment commitments come at a time when governments and companies around the world are racing to rapidly expand their AI capabilities.
Global hyperscaler companies like Amazon, Microsoft, Meta and Alphabet are expected to spend a combined total of around $700 billion on AI-related capital expenditure this year.
Big industrial groups in India have also announced huge investment plans. Reliance Industries is reportedly planning to invest $110 billion on data centers and related infrastructure.
At the same time, Adani Group has presented a plan to invest 100 billion dollars to build AI based data centers in the next ten years.
Many American companies also announced major investments during the conference. Microsoft said it is moving towards investing $50 billion on AI projects in Global South countries by the end of this decade.
OpenAI and chip maker Advanced Micro Devices (AMD) announced a partnership with Tata Group to strengthen AI capabilities in India.
At the same time, American asset management company Blackstone said that it has participated in the equity funding round of $ 600 million in Indian AI infrastructure company Neysa.
The event highlighted India’s ambition to become a global technology superpower. The country has approved semiconductor projects worth $18 billion to strengthen its domestic supply chain.
Meanwhile, talks are progressing on a trade agreement between the US and India, which aims to reduce tariffs and increase economic cooperation.
During the conference, representatives of both the countries signed the ‘Pax Silica’ agreement. It is a US-led initiative launched during the Trump administration to secure the global supply chain of silicon-based technologies.
The event was attended by a number of global leaders in the AI field, including OpenAI CEO Sam Altman, Alphabet CEO Sundar Pichai, Anthropic head Dario Amodei and Google DeepMind CEO Demis Hassabis.
At the same time, chip manufacturing giant Nvidia also announced that it is increasing its partnership with venture capital firms in India, so that it can strengthen its stake in the country’s emerging technology startups.
–IANS
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