India Ideas Summit: No better time to invest in India than now, highlights PM Modi

India Ideas Summit 2020: Prime Minister Narendra Modi during his keynote address at the India Ideas Summit today highlighted the openness and resilience of India's economy and said that there is no better time to invest in India than now. The Prime Minister delivered his address through video conferencing. 

The Prime Minister had begun his speech by emphasising on the need to ensure a better future. He said that it is all of us who will have to collectively give shape to the future. For the same, PM Modi observed that our approach needs to be more human-centric. 

Global Economic Resilience

The Prime Minister highlighted the importance of building global economic resilience against external shocks. He pointed out that it took a global pandemic to make us understand how important is resilience. He stated that global economic resilience can be achieved by ensuring stronger domestic economic capacities, which means improving domestic capacity for manufacturing, restoring health of financial system and diversification of international trade.

He further stated that India is contributing towards a prosperous and resilient world through the clarion call of an Atmanirbhar Bharat and for the same, India awaits partnership. 

India is contributing towards a prosperous and resilient world through the clarion call of an Atmanirbhar Bharat. For that, we await your partnership: Prime Minister Narendra Modi at India Ideas Summit hosted by US-India Business Council pic.twitter.com/zWzgsfF9KZ

— ANI (@ANI) July 22, 2020

Open minds make open market: PM Modi

The Prime Minister further observed that today, there is a global optimism towards India. He continued by saying that this is because India offers a perfect combination of openness, opportunities and technologies. PM Modi further stated that India celebrates openness in people and governance.

He said that open minds make open market and open markets lead to greater prosperity. The Prime Minister stated that this is a process that India and the US both agree too. 

Today, there is global optimist towards India. This is because India offers a perfect combination of openness, opportunities & technologies. India celebrates openness in people & in governance. Open minds make open market &open markets lead to greater prosperity: PM Narendra Modi https://t.co/tw1OU6ioIo

— ANI (@ANI) July 22, 2020

PM Modi further highlighted that India has made many efforts to make its economy more open and reform oriented. Several reforms were brought in, which have ensured increased competitiveness, enhanced transparency, expanded digitization, greater innovation and more policy stability.

India is emerging as a land of oppurtunities: PM Modi

Digital Media

PM Modi highlighted that for the first time ever, there are more rural internet users than urban internet users, according to a new report. He stated that India currently has half a billion active internet users and there are half a billion more people who are being in connected. Hence, he stated that there are several opportunities to invest in.

Agriculture

The Prime Minister then invited investment in agriculture, in the hard work of farmers. PM Modi highlighted that there are several investment opportunities in agriculture such as ready to eat items. fisheries and organic produce. He also highlighted that India's food processing sector is expected to be half a trillion dollars by 2025. PM Modi stated that the best time to invest in Indian agriculture sector is now.

Health Care 

The Prime Minister also invited investors to invest in healthcare, stating that India's healthcare sector is growing faster than 22 percent every year. He stated that our companies are also progressing in production of medical-technology, telemedicine and diagnostics.

PM Modi further highlighted that India and the US have already built a robust partnership in the pharma sector to achieve scale and speed. Hence, he said that this is the best time to expand investment in the Indian healthcare sector.

India invites you to invest in healthcare. The Healthcare sector in India is growing faster than 22 percent every year. Our companies are also progressing in production of medical-technology, telemedicine and diagnostics: PM Modi pic.twitter.com/9l4goaO9cK

— ANI (@ANI) July 22, 2020

Energy

PM Modi highlighted that India is evolving into a gas- based economy, which will open up big investment opportunities. The Prime Minister said that is the best time to enter the Indian power sector to generate more power for their investment.

Infrastructure

PM Modi stated that India is witnessing the largest infrastructure drive in history and he invited investors to be a partner in building housing for billions and road and highways etc.

Civil Aviation

PM Modi stated that civil aviation is another area of great potential growth. He pointed out that the number of Indian air passengers are expected to be more than double in the next 8 years and the top Indian private airlines plan to include more than a 1000 new aircraft within this new decade. 

Civil Aviation is another area of great potential growth. The number of Air passengers are expected to more than double within next 8 years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade: PM Narendra Modi pic.twitter.com/gzpmMgVtUN

— ANI (@ANI) July 22, 2020

Defence/ Space

PM Modi announced that India is raising the FDI cap for investment in defense sector to 74 percent. He stated that India will offer special incentives to the interested private and foreign investors. He further stated that India has established 2 defence corridors to encourage production of defence equipment and platforms. He further stated that the government cleared path breaking reforms in the space sector a few weeks ago.

Finance/ Insurance

PM Modi invited investors on behalf of India to invest in finance and insurance, saying that India has raised the FDI cap for investment in insurance to 49 percent. He also announced that now 100 percent FDI will be permitted for investment in insurance intermediaries. PM Modi also stated that the Indian insurance market is expected to grow to USD 250 billion by 2025.

India invites you to invest in finance and insurance. India has raised FDI cap for investment in insurance to 49%. Now 100% FDI is permitted for investment in insurance intermediaries: Prime Minister Narendra Modi at India Ideas Summit hosted by US-India Business Council pic.twitter.com/MLAEkunHB7

— ANI (@ANI) July 22, 2020

PM's Concluding Statement

The Prime Minister pointed out that when the markets are open, when the opportunity is high and the options are many, can optimism be far behind! He asserted that one can see optimism when India rises in key business ratings, especially in the Ease of Doing Business ratings of the World Bank.

When the markets are open, when the opportunity is high and the options are many, can optimism be far behind! You can see the optimism when India rises in key business ratings. Particularly the Ease of Doing Business ratings of the World Bank: PM Narendra Modi pic.twitter.com/16ims2hSwu

— ANI (@ANI) July 22, 2020

PM Modi revealed that India witnessed FDI inflow of about USD 74 billion in the last fiscal year. He continued by saying that in the middle of the COVID-19 pandemic, India attracted foreign investment of more than USD 20 billion between April-July 2020.

He closed by saying that the rise of India means that rise in trade opportunities with a nation that you can trust. Speaking on India-US friendship, PM Modi stated that the friendship between the two nations has scaled many heights in the past. While closing, he called out to the american investors by saying there has been a never better time to invest in India than now. 

Background 

Prime Minister Narendra Modi was delivering the keynote address at the India Ideas Summit. The summit with the theme ‘Building a Better Future’ was hosted by US-India Business Council. The 2020 summit marks the 45th anniversary of the founding of the council.

Besides Prime Minister Narendra Modi, other key speakers at the event included US Secretary of State Mike Pompeo, Union External Affairs Minister Dr. S Jaishankar, former US Ambassador to the UN Nikki Haley.

The virtual India Ideas Summit saw participation from several high-level policymakers, state-level officers and leaders from the business and society from both India and the United States.