PM Narendra Modi makes pitch for US investments in India2 min read . Updated: 23 Jul 2020, 05:51 AM IST
- Modi said even during the ongoing pandemic, India has attracted FDI of more than $20 billion in the April-July period
- Inviting prospective investors into the civil aviation sector, PM Modi said the number of air passengers here will more than double in eight years
Prime Minister Narendra Modi on Wednesday said India and the US can together play an important role in helping the global economy recover from the coronavirus pandemic and urged American investors to invest in India.
“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 at the India Ideas Summit organized by the US-India Business Council (USIBC).
Modi said India has what is needed to power the global economic recovery. “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," he said.
The International Monetary Fund (IMF) has projected the global economy to contract by 4.9% in 2020 with India estimated to shrink by 4.5% during FY21 as a result of a drop in economic activity because of the coronavirus pandemic.
Modi said even during the ongoing pandemic, India has attracted FDI of more than $20 billion in the April-July period while pledged investments from the US have already crossed $40 billion this year.
The Prime Minister said global businesses are too focused on efficiency and optimization. “We forgot to focus on 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," he added.
Inviting US companies to invest in sectors such as technology, healthcare, insurance, civil aviation, defence and infrastructure, Modi said there can’t be a better time to invest in India. “India offers a perfect combination of openness, opportunities and options. India celebrates openness in people and governance. Open minds make open markets. Open markets lead to greater prosperity," he added.
With the success of the health assurance scheme Ayushman Bharat, crop insurance scheme PM Fasal Bima Yojna, and Jan Suraksha or social security schemes, the Centre laid the ground for quick adoption and acceptance of insurance products, he said.
“There are large untapped opportunities for increasing insurance cover in health, agriculture, business and life insurance. To generate long-term and assured revenues, the Indian insurance sector is one of the best investment options right now," he added.
Inviting prospective investors into the civil aviation sector, Modi said the number of air passengers here will more than double in eight years. “The top private Indian airlines plan to include over a thousand new aircraft over the coming decade. This is a huge opportunity for any investor who chooses to set up manufacturing facilities in India, which can become a base for supplying regional markets. A similar case is obvious for setting up maintenance repair and operations facilities. To give flight to your aviation targets, this is an ideal time to invest," he added.