New Delhi (NVI): Prime Minister of India Narendra Modi today invited the US to invest in several sectors including defence, space, healthcare and energy while underlining that it has never been a better time to invest in India as “there is a global optimism towards” the country due to its commitment towards ease of doing business for mutual growth.
“Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities and options. Let me elaborate. India celebrates openness in people and in governance,” the Prime Minister said in his keynote address at the annual ‘India Ideas Summit’ of the US India Business Council (USIBC) today.
He said that India has what is needed to power the global economic recovery. He said that India-US partnership can play an important role in helping the world bounce back faster after the Covid-19 pandemic.
In his keynote address, the PM noted that India’s rise means a rise in trade opportunities with a nation that can be trusted, a rise in global integration with increasing openness, a rise in competitiveness with access to a market which offers scale, and a rise in returns on investment with the availability of skilled human resources.
Reaching out to the American investors, he said that there has never been a better time to invest in India. The PM invited the US to invest in several sectors including space, technology, agriculture, healthcare, energy, infrastructure, civil aviation, and defence.
The PM talked about India’s rise in Ease of Doing Business rankings of the World Bank. He underlined that each year, India is reaching record highs in FDI, adding that FDI inflows in India in 2019-20 were 74 billion dollars, which is an increase of 20% over the previous year. He highlighted that even during the pandemic, India has attracted foreign investment of more than 20 billion dollars between April and July this year.
He also stressed on global economic resilience through stronger domestic economic capacities. “Recent experience has taught us that the global economy has been too focused on efficiency and optimization. Efficiency is a good thing. But, on the way, we forgot to focus on something equally important. That is resilience against external shocks,” he said.