There are few better partners than the United States of America and India: Prime Minister Narendra Modi

Prime Minister Narendra Modi said on Wednesday 22 July that there are few better partners than the United States of America and India – two vibrant democracies with shared values.

The Pm was delivering the keynote address at the India Ideas Summit hosted by the US-India Business Council. This year marks the 45th anniversary of the formation of the Council. The theme for this year’s India Ideas Summit is ‘Building a Better Future’.

Modi, thanked the US-India Business Council for inviting him to address the ‘India Ideas Summit’. Congratulaing the USIBC on its forty-fifth anniversary, the PM said over the past decades, the USIBC has brought Indian and American business closer

The US-India friendship has scaled many heights in the past. Now it is time our partnership plays an important role in helping the world bounce back faster after the pandemic

Modi said the rise of India means a rise in trade opportunities with a nation that you can trust, a rise in global integration with increasing openness, a rise in your competitiveness with access to a market which offers scale

Every year, we are reaching record highs in FDI. Each year is significantly higher than the earlier one. FDI inflows in India in 2019-20 were 74 billion dollars. This is an increase of 20 percent from the year before that, the PM underscored adding 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

Extending an invite on behalf of the nationto invest in finance and insurance, Modi said India has raised FDI cap for investment in insurance to 49 percent. Now 100 percent FDI is permitted for investment in insurance intermediaries

The PM further said:

“India also invites you to invest in defense and space. We are raising the FDI cap for investment in defense sector to 74 percent. India has established two defense corridors to encourage production of defense equipment and platforms

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

India invites you to invest in infrastructure. Our nation is witnessing the largest infrastructure creation drive in our history. Come, be a partner in building housing for millions, or building roads, highways and ports in our nation

India invites you to invest in energy. As India evolves into a gas-based economy, there will be big investment opportunities for US companies. There are also big opportunities in the clean energy 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, tele-medicine and diagnostics

India has done historic reforms in the agriculture sector recently. There are investment opportunities in: Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries and Organic produce

Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things

India is emerging as a land of opportunities. Let me give you one example of the tech sector. Recently, an interesting report came out in India. It said for the first time ever, there are more rural internet users than even urban internet users

During the last six years, we have made many efforts to make our economy more open and reform oriented. Reforms have ensured increased ‘Competitiveness’, enhanced ‘Transparency’, expanded ‘Digitization’, greater ‘Innovation’ and more ‘Policy stability

India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’. And, for that, we await your partnership

Global economic resilience can be achieved by stronger domestic economic capacities. This means improved domestic capacity for manufacturing, restoring the health of the financial system and diversification of international trade

We all agree that the world is in need for a better future. And, it is all of us who have to collectively give shape to the future. I firmly believe that our approach to the future must primarily be a more human-centric one

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:

With our deep commitment to maintaining global harmony, to improving socio-economic equity, and to preserving nature’s balance, India will play its role in full support of the UN agenda

The United Nations was originally born from the furies of the Second World War. Today, the fury of the pandemic provides the context for its rebirth and reform. Let us not lose this chance

Be it earthquakes, cyclones, Ebola crisis or any other natural or man-made crisis, India has responded with speed and solidarity. In our joint fight against COVID, we have extended medical and other assistance to over 150 countries

Internationally, our initiative to set up the International Solar Alliance was a practical manifestation of climate action. Similarly, the Coalition for Disaster Resilience Infrastructure brings together all relevant stake-holders.”

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