The US – India Business Council or USIBC hosted the India Idea Summit where India’s Prime Minister Narendra Modi delivered a keynote address. As in the era of coronavirus video conferencing is left as the only way of communication, the summit opted the same. This virtual summit was attended by the senior officials of the Indian Government and the United States. All of them gathered together to set the agenda of post-pandemic economic recovery. The US businesses were also invited to invest in India’s various economic sectors by Pm Narendra Modi.
What all Modi said in the Summit…
- The PM started by thanking the USIBC for inviting him to address the India Idea Summit and he also congratulated the US – India Business Council on its 45th anniversary.
I thank the US-India Business Council for inviting me to address the 'India Ideas Summit'. I also congratulate the USIBC on its forty fifth anniversary this year. Over the past decades, the USIBC has brought Indian and American business closer: PM @narendramodi— PMO India (@PMOIndia) July 22, 2020
- He mentions how recent experience has taught everyone that the global economy has been very much focused on optimization and efficiency. He explains that efficiency is good but it has been forgotten to put the focus on resilience against external shock which is equally important.
- He further said that the achievement of Global economic resilience can be possessed by stronger economic capacities which means an improvement in domestic capacity for manufacturing, health restoration of the financial system, and diversification of international trade.
- He proudly mentioned how India is contributing to a prosperous and resilient world through his effort of making India an AATMANIRBHAR BHARAT and for that he awaits for partnership.
- He says that now there is global optimism towards India because the land is offering a perfect combination of openness, options, and opportunities. He elaborated his statement by saying the nation celebrates openness in people and governance. He said open minds mean open markets and such markets lead to greater prosperity.
- He mentions how during the last 6 years many efforts have been made to make our economy more open and reform-oriented. And this has ensured an increase in competitiveness, enhancement in transparency, expansion of digitalization, greater innovation, and more policy stability.
- He proudly mentions how India is becoming land of opportunities and he gives an example of the tech sector. Recently India reported that there are more rural internet users than urban internet users.
- He explains that opportunities in technology include opportunities in their frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain, and the Internet of things.
Inviting for investment~
- He said that India invites to invest in the hard work of the farmers. He exclaims that the nation has done historic reforms recently in the agricultural sector. There are huge investment opportunities in Agricultural inputs and machinery, agricultural supply chain management, ready to eat items, fisheries & organic produce. A proud mention about the expectation towards India’s food processing sector to be worth half a trillion dollars by the year 2025 was done by the PM.
- He continues the invitation by saying the country invites to invest in its healthcare sector. He claims that India’s healthcare sector is growing faster than 22% every year. The companies are also developing in the production of medical- technology, telemedicine, and diagnostics.
- India also invites to invest in its energy as the country evolves as a gas-based economy and there will be big investment opportunities for the American companies. He also mentioned the big opportunities in the clean energy sector. This is the right time to invest in the country’s power sector.
- The nation invites to invest in its infrastructure as India is witnessing the largest infrastructure creation drive in its history. He asks people to be a partner in building housing for millions or constructing roads, highways, and ports there.
- He threw light on another area of the nation, civil aviation which possesses the capability of potential growth. He expects that the number of Air passengers to increase double within the next 8 years. He also said that top private Indian Airlines plans to include over 1000 new aircraft over the coming decade. He claims this to be a great opportunity to invest.
- The country also invites to invest in Defence and Space. The FDI cap is being raised for investment in the defense sector to 74%. The nation has established 2 corridors for the encouragement of defense equipment and platforms.
- Lastly, an invitation of investing in finance and insurance was also given. The country has raised FDI cap for investment in insurance to 49%. He mentions that now 100% FDI has permission for investment in insurance intermediaries. He proudly exclaimed that the insurance market in India is growing at a rate of 12% and it is also expected to grow worth 250 million dollars by the year 2025
He questions that can the optimism be far behind when the markets are open, the availability of opportunities is high and there are many options? The optimism can be seen when India rises in key business ratings. “Particularly the ease of doing business ratings of the World Bank. He claims that every year there is an achievement of high record in FDI and every year is significantly higher than the previous year. The FDI inflows in India between 2019 to 2020 were seventy-four billion dollars and this an increase of 20% from the year before that.
He portrays how the rise of India will be beneficial by saying that this would mean a rise in trade opportunities with a trustworthy nation, a rise in global integration with expanding openness, and a rise in competitiveness with access to a market that offers scale.
He encourages the partnership of two vibrant democracies- India and the USA with shared values. The friendship of India and the USA has achieved many highs in the past and now this partnership can be used to play a crucial role in helping the world getting back on the regular track faster after the pandemic.