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National News

Jul 23, 2020

PM Modi says there is global optimism towards India, as it offers a perfect combination of openness, opportunities and options

Prime Minister Narendra Modi has said that there is global optimism towards India, as it offers a perfect combination of openness, opportunities and options. Delivering the keynote address at the India Ideas Summit hosted by the US-India Business Council, USIBC yesterday, Prime Minister Modi noted that in the last six years, efforts have been undertaken to make the Indian economy more open and reform oriented.

Hailing India as a land of opportunities, the Prime Minister said there are extensive opportunities to invest in a variety of sectors in the country. He said, there are about half a billion active internet users in the country now and over half a billion more people are being connected. He also mentioned opportunities in the frontier technologies of 5G, Big Data analytics, Quantum Computing, Block-chain and Internet of Things.Speaking about the historic reforms recently undertaken in the agriculture sector, Prime Minister said that there are opportunities to invest in areas including agriculture inputs and machinery, agriculture supply chain, food processing sector, fisheries and organic produce.

Noting that the health care sector in India is growing faster than 22 per cent every year and the progress of Indian companies in production of medical-technology, tele-medicine and diagnostics, the Prime Minister  said now is the best time to expand investment in Indian health care sector.The Prime Minister also listed several other sectors which offer tremendous opportunities to invest like energy, infrastructure, roads, highways and ports, civil aviation amongst others. He mentioned that India is raising the FDI cap for investment in defence sector to 74 per cent and two defence corridors have been established to encourage production of defense equipment and platforms.

The Prime Minister also talked about India’s rise in Ease of Doing Business rankings of the World Bank. The Prime Minister highlighted that even during the  pandemic, India has attracted foreign investment of more than 20 billion dollars between April and July this year. The Prime Minister said that India has what is needed to power the global economic recovery.  Calling USA and India as natural partners, he said, this partnership can play an important role in helping the world bounce back faster after the pandemic. Reaching out to the American investors, he said that there has never been a better time to invest in India. The Prime Minister congratulated USIBC on its 45th anniversary this year.

External Affairs Minister Dr. S. Jaishankar has said that India and the US have the ability by working together to shape the world. Participating in the India Ideas Summit yesterday hosted by the US -India Business Council virtually, Mr Jaishankar said, India and the  US are working on maritime security, counter- terrorism, connectivity, how to respond to the Corona virus pandemic, issues like climate change and knowledge economy. He said, India and the US  need to resolve the pending problems in trade relations and move into something bigger.

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