US Companies in India — October 5, 2026

Top developments

Piyush Goyal's US Investment Pitch (October 4–5, 2026)

India's Commerce and Industry Minister Piyush Goyal concluded a US visit in which he met with senior executives from major American companies including Nike, Target, Mondelēz, Aon, Cognizant, and ADM to promote India as a manufacturing and investment destination. Goyal emphasized government policies and incentives designed to attract manufacturing-linked foreign direct investment, particularly targeting supply chain diversification away from China.

The minister's outreach comes as India seeks to position itself as a viable alternative for US companies looking to diversify production beyond traditional Asian hubs, with particular focus on PLI (Production Linked Incentive) schemes in manufacturing and technology sectors.

US-India Trade Deal Stalls (October 2, 2026)

USTR Jamieson Greer stated that while both sides have made progress in "short strokes" on a bilateral trade agreement, a deal remains "not imminent." Key sticking points persist despite identification of problem areas, with another high-level leaders' call likely in the coming weeks. The announcement suggests negotiations are advancing but faced with structural disagreements on market access and tariff treatment.

Deals, expansion & investment

Applied Materials to invest INR 36 billion in Karnataka — US semiconductor equipment maker Applied Materials announced a 10-year investment plan for Karnataka state at Semicon India 2026 (September 15, 2026), signaling continued US tech infrastructure commitment in India despite trade friction.

Regulation & market context

India's regulatory environment remains a mixed signal for US companies. A 2026 USTR report flagged concerns over "impractical compliance deadlines" and inconsistent takedown enforcement under India's IT rules, while a March 2026 proposal would make government advisories legally binding on tech platforms — a move affecting Google, Meta, and X. India's fragmented tech regulatory landscape across multiple agencies continues to create compliance complexity, though a newly formed legal committee aims to harmonize overlapping regulations and support innovation.;

Meanwhile, US export control unpredictability remains a concern: the Bureau of Industry and Security (BIS) Licensing Efficiency Act of 2026, recently introduced in Congress, aims to improve speed and transparency in Commerce Department licensing — a potential relief for US-India tech cooperation.

On the radar

• Apple Pay rollout in India — Launched with Axis Bank in September 2026 following RBI rule changes; phased bank-by-bank expansion underway, signaling Apple's deeper payment ecosystem play in a market dominated by UPI.

• Amazon's $48 billion India bet — The e-commerce giant's massive investment commitment through 2030 includes AI cloud services and quick-commerce expansion, though deployment faces logistical and regulatory challenges.

• Trade negotiation momentum — Next India-US leaders' call expected soon to resolve tariff and market-access disputes; outcomes will influence corporate investment climate.

• FPI outflows dent sentiment — Foreign investors sold ₹35,000+ crore ($4.2B+) of Indian shares in September 2026, partly due to US bond yields rising, which may cool US corporate appetite for new India projects temporarily.

By the numbers

• ₹36 billion — Applied Materials' committed 10-year investment in Karnataka for semiconductor equipment manufacturing.

• ₹1.4 lakh crore (~$17 billion USD) — Apple India's projected revenue by 2026, reflecting premium product and services growth.

• ₹35,861 crore (~$4.3 billion USD) — Value of Indian shares sold by foreign portfolio investors in September 2026, signaling pullback amid US bond yield pressure.