Highlighting India's contribution in moving towards a resilient world with 'Atmanirbhar Bharat', Prime Minister Narendra Modi on Wednesday told the United State that it can trust the country with trade.
The statement could be seen as a subtle attack on China, which is presently one of the dominant countries in the world market. Earlier in the day, US Secretary of State Mike Pompeo had dubbed Chinese Communist Party is a "mutual threat".
"The 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. Global economic resilience can be achieved by stronger domestic economic capacities. India is contributing towards a prosperous and resilient world through the clarion call of an 'Atmanirbhar Bharat'. And, for that, we await your partnership," PM Modi said at the virtual summit being hosted by the US-India Business Council.
Modi invited US companies to invest in India's healthcare, infrastructure, defence, energy, farm and insurance sectors, saying the country offers openness, opportunities and options for investments.
"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," he said.
Modi said the coronavirus pandemic has showed the importance of economic resilience, which 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," he added.
"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," he said. Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Reforms have ensured increased competitiveness, transparency, digitisation, innovation and policy stability, the Prime Minister said.
Here's the full transcript of PM Modi's speech
Namaste!
Business leaders,
Distinguished guests,
I thankthe US-India Business Council for inviting me to address the 'India Ideas Summit'.I also congratulatethe USIBCon its forty fifth anniversarythis year.Over the past decades, the USIBC has brought Indian and American business closer.USIBC's choice ofthis year's Ideas Summit -‘Building a Better Future' is also veryvery relevant.
Friends,
We all agree thatthe world is in needfor a better future.And, it is all of uswho have to collectively give shape to the future.I firmly believe that our approachto the futuremust primarily be a more human- centric one. Our growth agendamust place the poor and vulnerable at the core. ‘Ease of Living’ is as important as‘Ease of Business’.
Friends,
Recent experience hastaught us thatthe global economyhas been too focused on efficiency and optimization.Efficiency isa good thing.But, on the way,we forgot to focus on something equally important.That isresilience against external shocks.It has takena global pandemicto remind us how important resilience is.
Friends,
Global economic resilience can be achieved by stronger domestic economic capacities.This meansimproved domestic capacityfor manufacturing, restoring the healthof the financial systemanddiversification of international trade.
Friends,
India is contributing towardsa prosperous and resilient worldthrough the clarion call ofan ‘Atmanirbhar Bharat’. And, for that, we await your partnership!
Friends,
Today, there is global optimism towards India.This is because India offersa perfect combination of openness, opportunities and options.Let me elaborate.India celebrates opennessin people and in governance.Open mindsmake open markets. Open marketslead to greater prosperity.These are principleson which both Indiaand the USA agree.
Friends,
During the last six years, wehave made many efforts to make our economy more openand reform oriented.Reforms have ensuredincreased ‘Competitiveness’, enhanced ‘Transparency’,expanded ‘Digitization’,greater ‘Innovation’andmore ‘Policy stability’.
Friends,
India is emerging as a land of opportunities.Let me give youone example of the tech sector.Recently, an interesting report came out in India.It saidfor the first time ever, there are morerural internet users than even urban internet users.Imagine the scale!There are abouthalf a billionactive internet usersin India now.Half a billionconnected people.Does this sound huge to you?Hold your breath.Because,there are overhalf a billionmore peoplewho are being connected.Opportunities in technology also include opportunities in the frontier technologies of 5G,Big data analytics, Quantumcomputing,Block-chain andInternet of things.
Friends,
The options toinvest in India are extensive.India invites you toinvest in thehard-work of our farmers.India has donehistoric reforms in theagriculture sector recently.There are investment opportunities in:Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries andOrganic produce.India's food processing sector is expected to be worth over half a trillion dollarsby 2025.To grow more streams of revenue, the best time to tap investment opportunities in Indian agriculture sectoris now!
India invites you toinvest in healthcare.The Healthcare sectorin India is growing faster than 22 percent every year. Our companies are also progressing in production ofmedical-technology, tele-medicine and diagnostics.India and the UShave already built a robust partnership in the Pharma sector.To achieve scale and speed, now is the best timeto expand your investmentin Indian health-care sector!
India invites youto invest in energy. As India evolves intoa gas-based economy, there will bebig investment opportunities for US companies.There are also big opportunities in theclean energy sector.To generate more power for your investment, this is the best timeto enter theIndian power sector!
India invites youto invest in infrastructure.Our nation is witnessing the largestinfrastructure creation drivein our history.Come, be a partner inbuilding housing for millions, or building roads, highwaysand ports in our nation.
Civil Aviation isanother area of great potential growth. The number ofAir passengersare expected to more than doublewithin next 8 years.The topprivate Indian airlinesplan to include overa thousand new aircraftover the coming decade. This is a huge opportunityfor any investorwho chooses to set up manufacturing facilities in India, which can becomea base forsupplying regional markets.A similar case is obvious for setting up Maintenance Repairand Operations facilities.To give flight toyour aviation targets, this is an ideal timeto invest in theIndian aviation sector.
India invites youto invest in defenseand space.We are raising the FDI cap for investmentin defense sectorto 74 percent.India has established two defense corridors to encourage productionof defense equipment and platforms.We offerspecial incentives for private and foreign investors.A few weeks ago, we clearedpath-breaking reforms inthe space sector.Come, be a part ofthese upcoming sectors.
India invites you toinvest in financeand insurance. India has raised FDI cap for investment in insurance to 49 percent.Now 100 percent FDIis permitted for investmentin insurance intermediaries.The insurance marketin India is growing at a rate ofmore than 12 percentand is expectedto grow to250 billion dollars by 2025. With the success ofAyushman Bharat,our health assurance scheme, PM FasalBimaYojna, our crop insurance schemeand Jan Suraksha or social security schemes, the government has laid the ground forquick adoption and acceptanceof insurance products.There are largeuntapped opportunitiesfor increasinginsurance cover in health, agriculture, businessand life insurance.To generate long termand assured revenues, the Indian insurance sectoris one of thebest investment optionsright now!
I have given youa few optionsand that too withoutany consultancy fees.
Friends,
When the markets are open, when the opportunity is high and the options are many, can optimism be far behind!You can seethe optimism when India rises in key business ratings.Particularly the Ease of Doing Business ratings of the World Bank.
Investment is the best show of confidence.Every year,we are reaching record highs in FDI.Each year is significantly higherthan 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.Friends in USIBC inform that ‘pledged investment’ from the US has already crossed 40 billion dollars this year!Also see what has happened even during the ongoing pandemic.In the middle of COVID, India has attracted foreign investmentof more than 20 billion dollars between April and July 2020!
But, India offers many more opportunities.We havewhat is neededto power the global economic recovery.
Friends,
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. Anda rise your returns on investment with the availability of skilled human resources.
Friends,
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.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 fasterafter the pandemic.American investors often look out for the perfect timing to enter a sector or a country. To them, I would like to say:there has never beena better time to invest in India!
I once again thank the USIBC leadership for their commitment to advancing India-US economic partnership. May the USIBC keep scaling new heights!
May the India-America friendship grow further!
Namaste!
Thank you!
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