June 6, 2023

New Delhi: Prime Minister Narendra Modi while addressing the India Ideas Summit invited investors to invest in India. He listed opportunities for investment in other sectors including health, defense and energy. During this, he said that India is emerging as a land of opportunities. Citing the example of the tech sector, he said that recently, an interesting report came out in India. It said that rural internet users are more first time than urban internet users. He said that opportunities in technology mean that opportunities are also going to arise in 5G technology, big data analytics, quantum computing, block chain and Internet of Things.

PM Modi drew the attention of investors on the health and defense sector and said that India invites you to invest in healthcare. The healthcare sector in India is growing at more than 22 percent every year. Our companies are also making progress in medical-technology, telemedicine and diagnosis. India invites you to invest in defense and space. We are increasing the FDI cap to 74% for investment in the defense sector.

Invitation for Investment in Energy Sector

Regarding the energy sector, PM Modi said during this time, ‘India invites you to invest in the energy sector because India is developing into a gas-based economy. There will be huge investment opportunities for American companies. There are also opportunities in clean energy. This is the best time to enter India’s power sector. Apart from this, he said that India invites you to invest in finance and insurance. India has raised the FDI cap to 49% for investment in insurance. Now 100% FDI is allowed for investment in insurance intermediaries. 

Great opportunities for development in civil aviation sector too

Regarding the civil aviation sector, PM Modi said that there are many opportunities for development in this area too. Air passengers are expected to more than double within the next 8 years. Top private Indian airlines plan to add more than a thousand new aircraft in the coming decade. 

FDI inflows into India were US $ 74 billion in 2019-20

PM Modi said that FDI inflows into India in 2019-20 was US $ 74 billion. This is 20% higher than the previous year. India has attracted foreign investment of over US $ 20 billion between April and July. During this time, PM Modi also said that during the last six years we have made many efforts to make our economy more reformable. These reforms have led to increased competitiveness, transparency, digitization, innovation and policy stability.

The whole world is optimistic towards India

Earlier he said that today the whole world is optimistic towards India. This is because India offers an ideal combination of openness, opportunities and technologies. India promotes openness in its people and governance. Open minds create open markets and open markets lead to greater prosperity. Earlier, he said that everyone agrees that the world needs a better future. We all have to collectively shape the future. I firmly believe that our vision for the future should be primarily more human-centered.

India, Indo-Pacific and America’s emerging defense partner in the world-  Ponpio

Prior to Prime Minister Narendra Modi’s address, US Secretary of State Mike Ponpio said at the India Ideas Summit that the US has invited PM Modi to the next G7 summit, where we will advance the international prosperity mechanism. He said, ‘We are the oldest and most prosperous democracy in the world and it is important that democracies like us work together. India is Indo-Pacific and the emerging defense partner of America in the world. He also said, ‘I particularly appreciate India’s recent decision to ban 59 Chinese mobile apps, including TicketLock, which present a serious security risk to the Indian people.’

India and America need to think big along with trade- Jaishankar

India’s Foreign Minister S. Jayashankar said that India and the United States need to work on trade issues as well as think big. He also said that he thinks America really needs to learn to work with a multi-polar world with a multilateral system in the world. In the last two generations, he has to go beyond who he has grown with. He said that there is a bond around talent between the two countries, which is very important for our economy, technology and innovation. In this global knowledge world, we need to be more flexible. 

Ability to work together to shape the world- Jaishankar

Jaishankar said, ‘We (India-US) have the ability to work together to shape the world. We are working on maritime security, counter-terrorism, connectivity, corona virus, climate change. I think a large part of this is how we shape the larger agenda by strengthening the bilateral agenda. ‘

 Expanding cooperation in health and vaccine development between the two countries – Taranjeet Sandhu

Indian Ambassador to the US Taranjit Sandhu said that the visit of US President Donald Trump in February this year inspired our relations to move towards a broader global strategic partnership. The world has changed a lot since then. Cooperation in health and vaccine development between the two countries has been expanded.

We collaborated tremendously with India – Kenneth Juster

US Ambassador to India Kenneth Juster said that India has provided medicines to more than 100 countries around the world. We have had tremendous cooperation with India and after the President’s visit we have seen many conversations between President Trump and PM Modi. We have indeed transformed a strategic partnership into a comprehensive global strategic partnership, and as the PM recently said, this may be the most important relationship in the 21st century. ‘

Indo-Pacific region does not want any conflict –   Kenneth Juster

US Ambassador to India Kenneth Juster said, ‘Nobody wants a conflict in this region (Indo-Pacific region). We want this to be an inclusive vision, but we are going to work with reliable and like-minded partners to develop shared guidelines, red lines and other ways for the Indo-Pacific region. ‘

This is an opportunity time for India-US partnership-  Nisha Biswal

USIBC chairperson Nisha Biswal said that the corona virus has impacted our international institutions and has tested traditional alliances, but the crisis brings clarity. It is a time of opportunity for India-US partnership. 

Signs of improvement are visible in the economy – Sitharaman

Addressing the India-India Summit of the US-India Business Council on Tuesday, Finance Minister Nirmala Sitharaman said that signs of improvement in the economy (green shoots) are beginning to appear. The agricultural sector has emerged as the carrier of this development. To give further impetus to economic development, the government is ready to take necessary steps on the policy front. The Finance Minister said that consumption of electricity and fuel, movement of goods and retail transactions within states and from one state to another are increasing. All these are signs of boom in the economy. Prime Minister Narendra Modi has also said that green shoots are seen in the economy. 

Industry confident of further cooperation from the government – Sitharaman

Sitharaman said that the government has announced a relief package equivalent to 10 percent of GDP and its impact on the economic situation is beginning to show. Green shoots seen in the economy are the result of this. Assuring the industry to take necessary steps to speed up the economy, the Finance Minister said that all options are open. The government will also intervene in view of the response of the industry to improve the situation.

Foreign companies can buy land in India through GIS system- Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that Geographic Information System (GIS) based land purchase system will be introduced in India to attract foreign companies. Addressing the India Ideas Summit of the US India Business Council, he said that land will be identified with GIS-based tools to set up the industry. The GIS system will have the facility of Google Earth view, so that a person sitting abroad will be able to locate and buy land in India. Goyal also insisted on small business agreements between India and the US.