FM Sitharaman pitches India as manufacturing and innovation hub during meeting with 3M CEO

New Delhi, August 31, 2026 (Yes Punjab News)

Union Finance and Corporate Affairs Minister Nirmala Sitharaman has urged US-based multinational 3M to expand its investments in research and development, advanced manufacturing and local supply chains in India, positioning the country as an increasingly important global hub for technology, innovation and manufacturing.

Sitharaman made the pitch during a meeting with 3M Chairman and CEO William Brown on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Asheville, North Carolina, on Monday, according to the Ministry of Finance.

The discussions centred on expanding 3M’s engagement with India as the country seeks to evolve from a major consumer market into a base for advanced manufacturing, technology and innovation, the ministry said in a post on X.

Data security and ways to better utilise India’s talent pool within domestic enterprise ecosystems also figured in the discussions.

Brown acknowledged the strength of India’s talent pool and said there were significant opportunities for technology development and growth in the country’s domestic market. He also recognised the support provided by the Indian government through its broader economic and structural reforms.

Sitharaman said 3M could further expand localisation, research and development and technology capabilities in India by leveraging the country’s skilled workforce and manufacturing ecosystem.

She also highlighted the potential for regional innovation in India to enable the company to cater not only to domestic demand but also to global and Asia-Pacific supply chains.

The Finance Minister called for greater investment in R&D, advanced manufacturing capabilities and local supply-chain networks, while acknowledging 3M’s continued confidence in the Indian economy and discussing avenues to expand its presence in the country.

Sitharaman is in Asheville for the G20 FMCBG meeting and related engagements over the next two days. She had earlier arrived at Greenville-Spartanburg International Airport in South Carolina, where she was received by India’s Ambassador to the US Vinay Mohan Kwatra.