FedEx plans to set up R&D centres in India

US delivery giant FedEx is looking at setting up R&D centres in India, the Union Finance Ministry said in a tweet on Friday.

Finance Minister Nirmala Sitharaman, who is in the United States (US), met CEOs of big American companies, including FedEx and Mastercard, and discussed several opportunities for investments in India as the country is positioned to become the fastest-growing large economy in the world. 

The finance minister, who is attending IMF-WB Spring Meetings 2022 in the US, met FedEx President and CEO-elect Raj Subramaniam. During the meeting FM Sitharaman mentioned that he is positive about India and has substantial expansion plans, comprising skilling. 

Also Read: FM in US: Sitharaman meets CEOs of Accenture, Deloitte, FedEx  

"Mr Subramaniam mentioned that he is positive on India and has significant expansion plans, including in skilling. @FedEx is also looking at R&D Centres in India. Mr Subramaniam appreciated the GoI commitment on integrated development through PM #GatiShakti Master Plan," tweeted the finance ministry. 

Appreciating the government's commitment to integrated development through PM Gati Shakti Master Plan, Subramaniam said the company is looking at R&D centres in India. 

Last year, Prime Minister Narendra Modi launched a Rs 100 lakh crore national master plan for multi-modal connectivity that aims to develop infrastructure to reduce logistic costs and boost the economy. 

PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time. 
The plan aims to lend more power and speed to projects by connecting all concerned departments on one platform. 

As per the Economic Survey 2021-22, India is projected to grow at 8-8.5 per cent during the current financial year ending March 2023. Sitharaman also held a meeting with Accenture Chair and CEO Julie Sweet. 

Also Read: Covid-19 has accelerated digital adoption in daily life: FedEx data

"Ms Sweet lauded the proactive & transparent approach of the GoI & said @Accenture is adding a presence in more Tier-II cities in India & focusing on upskilling talent to prepare for emerging opportunities. Ms Sweet also informed that 47 per cent of their workforce in India are women," the finance ministry said in a tweet. 

During the meeting with Mastercard CEO Miebach Michael, Sitharaman informed him about the government of India's commitment to Digital Financial Inclusion with a focus on women and SMEs by developing world-class homegrown technology solutions. 

"FM Smt.@nsitharaman enquired from Mr @MiebachMichael @Mastercard on how lessons from India's #FinancialInclusion programme can be used to develop solutions for the world," the ministry tweeted. 

Mastercard informed the Finance Minister about its plan to set up huge data centres in India and the company's focus on training and digitisation of small businesses. 

In another such engagement, she also met the global CEO of the consultancy firm Deloitte, Punit Renjen. 

"Mr @PunitRenjen mentioned that @Deloitte is expanding its India operations to smaller cities like Coimbatore & Bhubaneswar. Besides, he said, @Deloitte has developed tools to improve the access of rural poor to health facilities & also committed for #ClimateAction in India," a separate tweet said. 

(With inputs from PTI.)