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India’s Minister of Steel and Heavy Industries, H.D. Kumaraswamy, has urged global companies, investors and innovators to view India not merely as a “market,” but as a long-term “manufacturing and technology partner.”
“India today is not asking the world merely to invest in India. India is inviting the world to build the future with India. Let us bring together global capital, technology, and innovation with India’s scale, talent, and ambition,” Kumaraswamy said while inaugurating the Association of Kannada Kootas of America Business Forum (AKKA) 2026, on September 6.
The forum was held on the sidelines of AKKA’s silver jubilee celebrations hosted at the Pennsylvania Convention Center in Philadelphia from September 4-6.
Addressing the gathering, Kumaraswamy said AKKA has evolved into a “strong bridge” connecting Karnataka and India with the rest of the world while promoting their “culture, talent, entrepreneurship, and global achievements.”
Underscoring Prime Minister Narendra Modi’s vision for the country, Kumaraswamy said India is entering a “new era” of industrial and economic transformation.
“Prime Minister Modi has given the nation a clear vision of Aatmanirbhar Bharat [Self-Reliant India] and Viksit Bharat 2047 [Developed India by 2047], an India that is self-reliant, technologically advanced, globally competitive, and deeply integrated with the world,” he added.
Addressing the Kannada diaspora, Kumaraswamy highlighted its potential to strengthen India’s global economic engagement.
“You are uniquely positioned to connect India with the world. You understand global markets, technology, and business while remaining deeply connected to Karnataka and India,” he said. “Karnataka has been a pioneer in technology, aerospace, engineering, machine tools, and entrepreneurship. Let us now connect that spirit of innovation with the manufacturing strength of New India.”
Kumaraswamy said significant opportunities are emerging in the steel and heavy industries sectors. He described steel as the backbone of infrastructure and industry, while emphasizing the role of heavy industries in providing the technology and capabilities needed to power manufacturing.
In electric mobility, the PM E-DRIVE scheme, with an outlay of RS. 10,900 crore, is accelerating India’s transition towards electric vehicles, electric buses, electric trucks, and charging infrastructure, he said.
“Our ambition goes beyond increasing EV adoption. We want to build complete value chains in India, from components and power electronics to batteries, charging systems, software, testing, and advanced manufacturing,” he added.
Through the Production Linked Incentive scheme for automobile and auto components, with a budgetary amount outlay of Rs. 25,938 crore, the Minister said India is strengthening its advanced automotive manufacturing ecosystem, including zero-emission vehicles, and globally competitive auto component supply chains.
Kumaraswamy also emphasized the importance of sustainability in the steel industry, saying its future must be green. He noted that India is seeking to advance industrial growth while pursuing its environmental goals.
“The green steel taxonomy and our initiatives in hydrogen-based steelmaking are opening new opportunities in clean technologies, renewable energy, energy efficiency, and low-carbon manufacturing. Innovation will be at the center of this transformation,” he said.
Through the Steel Research and Technology Mission of India, the country is strengthening collaboration among industry, academia, startups and researchers in areas including advanced materials, Industry 4.0 and industrial automation, Kumaraswamy said.
He added that India offers scale, talent, engineering expertise, infrastructure, a rapidly expanding domestic market and an increasingly integrated manufacturing ecosystem. The country is creating an environment in which global companies can “invest, innovate, manufacture, and grow,” he said.
His Holiness Sri Sri Nirmalanandanatha Mahaswamigalu reflected on the role spirituality can play in inspiring industrial development in India. Citing the historical example of Jamsetji Tata drawing inspiration from Swami Vivekananda, he highlighted the establishment of steel plants and enduring institutions such as the Indian Institute of Science.
Mahaswamigalu encouraged industrialists and engineers to invest their expertise in India’s rapidly expanding economy while complementing the country’s spiritual foundations. He also emphasized the need for stronger connections among academic institutions, research centers and industry to improve India’s economic standing and promote national development.
Platforms such as the AKKA Business Forum and similar panel discussions could help foster cross-sector collaboration and economic growth, Mahaswamigalu said.
Former Rajya Sabha member D. Kupendra Reddy discussed India’s path toward becoming a trillion-dollar economy through technology and exports. He encouraged industry leaders to draw on expertise from India and the United States to develop industrial parks in India through collaborative ventures.
Deputy Consul General of India in New York, Vishal Harsh highlighted the contributions of the Indian American community to the United States. He said Indian Americans account for 1.5 percent of the U.S. population but contribute 6 percent of federal income taxes.
Harsh encouraged stakeholders to use the diaspora as a bridge for expanding economic partnerships between India and the United States through organizations such as AKKA.
AKKA Chairman Amarnath Gowda, President Madhu Rangaiah, and Business Forum Chair Sachin Mally also spoke at the forum, where dignitaries and business leaders from India and US were also present.
