Prime Minister Narendra Modi while addressing on Wednesday made a powerful speech for American companies to invest in India. PM highlighted that this is the best time to invest in India particularly in a “Nation you can trust”. Together India and the US can help the world to recover from this global crisis he further added.
PM addressing the USIBC India Ideas Summit said, “American investors often lookout for the perfect timing to enter a sector or a country. To them, I would like to say — there has never been a better time to invest in India,”
“The rise of India means a rise in trade opportunities with a nation you can trust, a rise in global integration with increasing openness,” said Modi. This statement when different countries and industries to shift supply chain from China and look for newer options.
India can contribute a lot towards restoring the worldwide economy thereby providing an opportunity for US investors to invest in sectors such as aviation, insurance, defense, space, energy, and infrastructure. “I have given you a few options, that too without any consultancy fees,” he said in a witty way as he detailed on what makes India a worth investment location.
“Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities and options. India celebrates openness in people and in governance. Open minds make open markets. Open markets lead to greater prosperity. These are principles on which both India and the US agree,” PM said.
Modi also outlined that during the Covid-19 crisis, India has attracted foreign investment exceeding $20 billion between the month of April and July 2020. “Investment is the best show of confidence. Every year, we are reaching record highs in FDI. Friends in USIBC inform that ‘pledged investment’ from the US has already crossed $40 billion this year,” the PM said.
The coronavirus, Modi said, has taught the world to give attention to external shocks. “It has taken a global pandemic to remind us how important resilience is. 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.”
‘Atmanirbhar Bharat’ according to PM is a step towards restoring the world. “And, for that, we await your partnership,” said PM in his address to American corporates.
The PM further referring to the tech sector said that the Indian Urban internet users are now more than the rural users. “Opportunities in technology also include opportunities in the frontier technologies of 5G, big data analytics, quantum computing, blockchain, and Internet of things,” Modi said. Talking about India’s processing sector Modi said, “To grow more streams of revenue, the best time to tap investment opportunities in the Indian agriculture sector is now,”
Citing the Indian Healthcare sector he said, “India and the US have already built a robust partnership in the pharma sector. To achieve scale and speed now is the best time to expand your investment in the Indian healthcare sector,” Modi also talked about energy sector saying “there will be big investment opportunities for US companies and also in the clean energy sector”
“Civil aviation is another area of great potential growth. The number of air passengers is expected to more than double within the next 8 years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade,” Modi said.