Never been a better time to invest in India: PM Modi at India Ideas Summit

Calling for more investment in India, Modi further said that it is emerging as a land of opportunities

Prime Minister Narendra Modi on Wednesday said stronger domestic economic capacities can ensure global resilience against external shocks.
 

“India is contributing towards a prosperous and resilient world through the clarion call of an Atmanirbhar Bharat. For that, we await your partnership,” Modi said while addressing the India Ideas Summit.

The summit hosted by the US-India Business Council, marks the 45th anniversary of the formation of the council. The theme for this year’s India Ideas Summit is “Building a better future”.
 

During the last six years, we have made many efforts to make our economy more open and reform-oriented. Reforms have ensured increased ‘competitiveness’, enhanced ‘transparency’, expanded ‘digitisation’, greater ‘innovation’ and more ‘policy stability’, he added.
 

Calling for more investment in India, Modi further said, “India is emerging as a land of opportunities. Let me give you one example of the tech sector. Recently, an interesting report came out in India. It said for the first time ever, there are more rural internet users than even urban internet user.” This provides opptunities in 5G, big data analytics, blockchain, IoT, he added.
 

PM Modi also stressed on the need for having an open economy. He said, there is global optimism towards India. It is because India offers a perfect combination of openness, opportunities and technologies.

 

Modi also invited investors to invest in India’s rising defence sector. Highlighting the steps taken to boost production, Modi said, India has raised FDI cap to 74% and has built two defence corridors to encourage production of defence equipment.

PM Modi also invited US companies to invest in India's healthcare, infrastructure, energy, farm and insurance sectors, saying the country offers openness, opportunities and options for investments.
 

He also pitched for a more human-centric approach to build a better global future. He said, the world is in need for a better future and all of us will have to collectively give shape to the future.
 

The summit took place in the wake of rising coronavirus cases in both India and US and India’s border border faceoff with China in Ladakh. Reports by Business Standard showed how the Chinese have continued deployment of 40,000 troops in Eastern Ladakh sector and are also not honouring their commitment for disengagement at the friction points in Eastern Ladakh.
 

Mike Pompeo, US Secretary of State, on Wednesday expressed grief over deaths of 20 Indian Army men during the India-China border clash. He further said Chinese Communist Party is a common threat to both countries and it is important for democracies like India and US to work together. While welcoming India’s move to ban 59 Chinese apps, Pompeo announced that the US will look to reduce its medicine imports from China.
 

"We're the oldest and most prosperous democracies in the world, and it is important that democracies like ours work together. India is a rising US defence and security partner in the Indo-Pacific."

 

He also said, India is a rising defence and security partner of the US in the Indo-Pacific region and have invited PM Modi to the next G7 summit.
 

Dr S Jaishankar, External Affairs Minister, at the Summit on Wednesday said, pitched for a stronger US-India ties. The minister said, "US has to learn to work in a more multipolar world, with more plurilateral relationship, and go beyond the alliances of the last two generations."
 

He said there are some issues where our convergence is more, somewhere it could be less. But, in the last 20 years, the quest has been to find common ground between the two countries.
 

Aiming for a stronger India-US bond, Jaishankar further said, “Between India and the US, while we work through trade issues we need to think bigger”. He said, both countries need to go beyond trade and while strengthening bilateral relationship, India and the US can shape the global agenda.

 

"I understand the centrality of the economic relations....These are bread and butter issues. These are really what make countries deal with each other. But I think, between India and the US, while we work through trade issues, we need to think bigger," he said.
 

India is wooing American companies with their manufacturing base in China, which has come under international scrutiny for its handling of the coronavirus outbreak.
 

India and the United States are closing in on a trade deal, Commerce Minister Piyush Goyal said on Tuesday, after two years of negotiations. "In the long term, I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years, which we need to get out of the way quickly.
 

We are almost there," Goyal said at the summit through videoconferencing.
 

Finance Minister Nirmala Sitharaman said green shoots were visible in the economy and agriculture was driving growth. “We have kept all options necessary absolutely open. The government is willing to participate, talk to everybody and see what best has to be done. Interventions can happen even in future, depending on how industry responds to us,” Sitharaman said.