USIBC Summit: India attracted $20-billion foreign investment amid COVID-19
Prime Minister Narendra Modi delivered the key note addresses at the USIBC India Ideas Summit today. India is emerging as a land of opportunity for investors, he said in the virtual summit. From health sector to infrastructure to defence, energy, farm and insurance sectors, Narendra Modi invited US companies to invest in India.
"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," Modi said. India has attracted over $20 billion foreign investment between April and July, he said today. The India Ideas Summit is being hosted by the US-India Business Council. This year marks the 45th anniversary of the formation of the Council.
Other key speakers at the summit include minister of external affairs S Jaishankar, US secretary of state Mike Pompeo, Senator of Virginia and co-chair of Senate India Caucus Mark Warner, Former US ambassador to the United Nations Nikki Haley.
Catch all the latest updates of PM Narendra Modi's key address at India Ideas Summit -I would like to tell American investors there's never been a better time to invest in India, PM Modi said -Rise of India means rise in trade opportunities with a nation that you can trust; India, US are natural partners: PM Modi -India’s food processing sector will be worth half a trillion by 2025, says 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 Narendra Modi -We're reaching record highs in FDI every year. Each year is significantly higher than the earlier one. FDI inflows in India in 2019-20 were USD 74 billion. This is an increase of 20% from the year before that. India attracted over USD 20 billion foreign investment b/w April&July: PM -May India-America friendship grows further, says 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 Narendra Modi -India invites you to invite in energy as India evolves into gas-based economy. There will be big investment opportunities for US companies. There're also opportunities in clean energy. To generate more power for your investment, this is best time to enter Indian power sector: PM -India has raised FDI cap for investment in insurance to 49%. Now 100% FDI is permitted for investment in insurance intermediaries: PM Narendra Modi -India invites you to invest in defence & space. We're raising the FDI cap for investment in defense sector to 74%. India has established 2 defence corridors to encourage production of defence equipment & platforms: PM Modi at India Ideas Summit hosted by US-India Business Council -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 Narendra Modi -The healthcare sector in India is growing faster than 22% every year. Our companies are also progressing in production of medical-technology, telemedicine and diagnostics: PM Modi -Come, be a part of making house for billion of people, says PM Modi -India invites you to invest you in healthcare sector as the sector is growing 22% every year, says PM Modi -This is the right time to invest in Indian agriculture sector, says PM Modi -India has half a billion internet users at the rural areas, says PM Modi -India emerges as a land of opportunity, says PM Modi -From open-minded people to open-market, India has a lot to offer to the world, says PM Modi at USIBC India Ideas Summit. -India offers a perfect combination of openness, opportunity, says PM -India is contributing to the resilient world as 'atmanirbhar bharat', says PM Modi -Easy of living is as important as Ease of living: PM Modi -PM Modi congratulates US-India Business Council for completing 45 years -PM Narendra Modi starts his address at USIBC India Ideas Summit. -India-US needs to work on a full-fledged FTA, said Natarajan Chandrasekaran, Chairman of Tata Sons -US state secretary Mike Pompeo said: "I'm confident that our relationship is only getting stronger. Let's emerge from this current challenge more resilient and innovative than before. And let's seize this moment to deepen cooperation between two of the world's greatest democracies," -The United States desires a new age of ambition in its relationship with India, Pompeo says. “We don't just interact on a bilateral basis. We see each other for what we are great democracies, global powers and really good friends. India is one of a few trusted like-minded countries whose leaders I call on a regular basis for counsel and collaboration on issues that span continents," Pompeo says. -Pompeo commended India's recent decision to ban 59 Chinese mobile apps, including TikTok, which, he said, presents serious security risks for the Indian people. “We also had to work with India to advance the Blue Dot Network, an initiative to promote high quality, transparent infrastructure development," he said, adding that this effort is crucial to adopt because free markets are the best way to lift people out of poverty. India has seen that in its own recent past," he notes. -Ongoing global tensions with China have presented India with an opportunity to draw global supply chains away from China, US Secretary of State Michael Pompeo says. “India is in this position because it has earned the trust of many nations including the United States," Pompeo said. -We've invited Prime Minister Narendra Modi to the next G-7, where we'll advance economic prosperity network: Pompeo -India has chance to attract global supply chains away from China and reduce its reliance on Chinese companies: Pompeo -US secretary of state, Mike Pompeo describes India as an important partner and a key pillar of President Donald Trump's foreign policy -Today's USIBC India Ideas Summit saw a high-powered line-up of US-India corridor leaders from across the business, government and society. Union minister of external affairs S Jaishankar, US secretary of state, Mike Pompeo, Senator of Virginia and co-chair of Senate India Caucus Mark Warner, Former US ambassador to the United Nations Nikki Haley were some of the key speakers at the event. -The USIBC President said India stands to benefit as the companies look to diversify their global supply chains. -Union home minister Amit Shah tweeted: "Prime Minister Shri @NarendraModi ji will deliver a keynote address and share his views on ‘Building a Better Future' at US-India Business Council's India Ideas Summit at 9 PM today." -"US-India economic partnership has been one that has been growing in importance for both countries. We have seen that the pandemic has created enormous disruption on global supply chains including in the pharmaceutical sector and the US-India partnership is one of the trusted partners," Biswal said in an interview with news agency ANI. -US-India economic partnership is growing in importance for both the countries, said Nisha Biswal, president, US-India Business Council.