Showcasing ‘Atmanirbhar Bharat’, PM Modi’s strong ‘Invest in India’ pitch at India Ideas Summit

Making a strong ‘Investment In India’ pitch, Prime Minister Narendra Modi showcased the India story to the world while delivering his keynote address at the virtual ‘India Ideas Summit organised by US-India Business Council (USIBC). The theme for this year’s India Ideas Summit is “Building a Better Future”.

Upholding US-India partnership, PM Modi laid out the red carpet for investors to come to India and explore in Defence and Space sectors. Highlighting India as a land of emerging opportunities, he said, “world is in need for a better future.”

Setting the tone of his address to project India as one of the best investment destinations in the world, PM said, “Efficiency is a good thing. But, on the way, we forgot to focus on something equally important. That is resilience against external shocks. 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.”

Referring to the government’s self-reliance model, he said, “India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’. India offers a perfect combination of openness, opportunities and options. In the last six years, we have made many efforts to make our economy more open and reform oriented. Our reforms have ensured increased competitiveness, enhanced transparency, expanded digitisation, greater innovation and more policy stability.”

Highlighting that India has attracted $20 billion during COVID-19 pandemic, he said, “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.”

Projecting India’s success on multiple fronts, PM Modi said, “A recent report said for the first time ever in India, there are more rural internet users than even urban internet users. Opportunities in technology today include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and internet of things.”

He also urged investors to look at the healthcare and agri sectors. “We invite you to invest in healthcare. The healthcare sector in India is growing faster than 22 per cent every year. Our companies are also progressing in production of medical-technology, tele-medicine and diagnostics. India has recently made historic reforms in the agriculture sector. There are investment opportunities in agricultural inputs and machinery, agriculture supply chain management, ready-to-eat items, fisheries and organic produce,” he said.

He also talked of easing of FDI norms in defence and space sectors. “India invites you to invest in defence and space. We are raising the FDI cap for investment in defence sector to 74 percent. India has established two defense corridors to encourage production of defense equipment and platforms,” he said.

He also highlighted the opportunities in the civil aviation sector. “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,” he outlined.

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