From AI to Semiconductors: Modi Courts Europe Inc. for India’s Next Growth Phase

Prime Minister Narendra Modi used the third leg of his six-day European tour to make a direct pitch to some of the continent's most powerful corporate leaders in Sweden, urging them to commit fresh capital to India over the next five years.

Modi addressed the European Round Table for Industry — one of Europe's most influential business forums — alongside Swedish Prime Minister Ulf Kristersson and European Commission President Ursula von der Leyen. The gathering brought together senior executives from across technology, telecoms, energy, manufacturing, healthcare and infrastructure, with firms including Vodafone, Ericsson, Nokia, ASML, SAP, Airbus, Shell, TotalEnergies, Volvo and Maersk among those represented.

Modi outlined a five-sector roadmap for deeper industrial collaboration, covering telecom and digital infrastructure, semiconductors and deep-tech manufacturing, clean energy, aerospace and logistics, and healthcare and life sciences. He described the recently concluded India-EU Free Trade Agreement as the "Mother of all Deals" and positioned India as the world's fastest-growing major economy — pointing to a decade of reforms including GST, the Insolvency and Bankruptcy Code, corporate tax reductions and production-linked incentive schemes.

Call for Bold Commitments

While speaking, Modi asked every company in the room to name at least one new, concrete commitment to India — and promised government backing for every flagship project that follows.

To institutionalise the engagement, Modi proposed an annual India-Europe CEO Roundtable, sector-specific working groups, and a dedicated ERT India Desk to support both existing operators and new entrants. He also offered government-led reviews of major projects to speed up execution.

The Gothenburg session sits within a broader diplomatic push. India and Sweden separately elevated their ties to a Strategic Partnership, adopting a Joint Action Plan covering 2026 to 2030, with both sides publicly committing to doubling bilateral trade and investment within five years.

Bilateral trade stood at $7.75 billion in 2025, up from $2.86 billion in 2016, with over 280 Swedish firms already operating in India. A Sweden-India Technology and AI Corridor was also announced, connecting startups, academia and industry across artificial intelligence, 6G, quantum computing and semiconductors.