At US-India Business Council Summit, PM Modi calls for investment in defence, health and aviation sector



Prime Minister Narendra Modi is delivering the keynote address at the India Ideas Summit today. The summit is being 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’,” a statement from the PMO said.

“Looking forward to addressing the India Ideas Summit, organised by @USIBC today at 9 PM. Will be sharing my views on ‘Building a Better Future.’ Do watch,” PM Modi tweeted.

Other key speakers at the Summit include Minister of External Affairs Dr S Jaishankar, US Secretary of State Mike Pompeo, Former US Ambassador to the United Nations Nikki Haley, among others.

Follow highlights here:

•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: PM Modi

•For this vision, there are few better partners than the United States of America. India and the USA are two vibrant democracies with shared values. We are natural partners: PM Modi

•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: PM Modi

•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: PM Modi

•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: PM Modi

•India invites you to invest in finance and insurance. India has raised FDI cap for investment in insurance to 49 percent. Now 100 percent FDI is permitted for investment in insurance intermediaries: PM Modi

•India 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: PM Modi

•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: PM Modi

•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: PM Modi

•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: PM Modi

•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: PM Modi

•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: PM Modi

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

•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: PM Modi

•India is contributing towards a prosperous and resilient world through the clarion call of an Atmanirbhar Bharat. For that, we await your partnership: PM Modi at India Ideas Summit hosted by US-India Business Council

•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’: PM Modi

•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: PM Modi

•We all agree that 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 future must primarily be a more human-centric one: PM Modi at India Ideas Summit by US-India Business Council

• PM Modi delivers keynote address at India Ideas Summit hosted by US-India Business Council (USIBC), via video conferencing.

• Prime Minister Narendra Modi will deliver the keynote address at the India Ideas Summit today.

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