Union Minister for Heavy Industries and Steel, HD Kumaraswamy, urged Kannada entrepreneurs and Indian professionals residing abroad to return to India with their technological knowledge and global experiences. This plea was made during his address at the ‘Business Forum – 2026’, part of the AKKA Silver Jubilee Conference held in Philadelphia on September 7. He highlighted the importance of utilising government incentives to create employment-generating enterprises in India.

Kumaraswamy reflected on India’s robust economic growth under Prime Minister Narendra Modi, suggesting that significant opportunities for investment, entrepreneurship, and technology-driven businesses are prevalent. His message emphasised that individuals should transition from being job seekers to job creators, leveraging their skills and experiences towards India’s development.

Focus on India’s Economic Landscape

The Union Minister acknowledged the evolving global economic landscape, citing how it presents new opportunities for innovative ideas and technology-led enterprises. He encouraged young entrepreneurs to identify and pursue these emerging avenues with assurance. Kumaraswamy’s message was particularly directed towards the Indian diaspora, urging them to contribute their expertise to foster economic development in India.

In his speech, Kumaraswamy reiterated the Indian government’s commitment to creating diverse opportunities and incentives for entrepreneurs and youth. He pointed out ongoing initiatives aimed at enhancing entrepreneurship, technology, and innovation, essential for national progress.

Kumaraswamy also referenced Prime Minister Modi’s vision for a developed India (Viksit Bharat) by 2047, highlighting key governmental initiatives like Atmanirbhar Bharat and Make in India as pivotal to achieving this goal.

Initiatives in Heavy Industries and Steel Sectors

Discussing key initiatives under his portfolios, Kumaraswamy mentioned various government efforts to accelerate clean mobility. He introduced the Rs 10,900-crore PM E-DRIVE scheme designed to promote electric mobility while reducing transport emissions. He elaborated on the increasing presence of electric two-wheelers, trucks, and buses in India’s mobility framework.

As part of efforts to bolster domestic manufacturing, he highlighted the Production Linked Incentive scheme for the automotive sector, which has a financial outlay of Rs 25,938 crore. This scheme aims at advancing self-reliance by strengthening manufacturing capabilities in the country.

Kumaraswamy further informed attendees about projects under the Advanced Chemistry Cell (ACC) Battery Programme, which allocate Rs 18,100 crore to establish substantial domestic battery manufacturing capacity. Additionally, a Rs 7,280-crore initiative focuses on developing capabilities to explore, process, and produce critical minerals essential for emerging technologies.

In outlining the steel sector’s rapid development, Kumaraswamy set an ambitious goal for India to produce 300 million tonnes of steel by 2030. He noted efforts to achieve net-zero carbon emissions in steel production by 2070 and introduced a Rs 6,322-crore Production Linked Incentive scheme aimed at enhancing domestic steel manufacturing.

Business Forum Encourages India-US Collaboration

The Business Forum featured discussions reflecting on India’s economic opportunities and strategies to deepen collaboration between India and the United States. Kumaraswamy pointed out that India is the world’s second-largest steel producer and a significant consumer, emphasising the range of opportunities available in the sector.

Notable attendees included AKKA leaders Amarnath Gowda and Madhu Rangayya, former Rajya Sabha MP Kupendra Reddy, and Deputy Consul General of India in the United States, Vishal Harsh. The forum brought together entrepreneurs, professionals, technology experts, and representatives from various sectors to exchange ideas on expanding business, investment, and technology linkages between India and the US.

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