USIBC Summit: PM Modi urges US investors to invest in India's growth story
- IBEF
- July 23, 2020
Prime Minister Mr Narendra Modi said India and the US together can play an important role in helping the global economy bounce back quicker post the coronavirus pandemic and urged the US investors to invest in India’s growth story.
Mr Modi was addressing the India Ideas Summit organised by the US-India Business Council (USIBC). He said, “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".
He added, “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."
Due to the effect of coronavirus pandemic on economic activities, International Monetary Fund projected the global economy to contract by 4.9 per cent in 2020 with India’s economy estimated to shrink by 4.5 per cent during FY21.
Mr Modi said even during the ongoing pandemic, India has attracted FDI of more than US$ 20 billion in April-July period while pledged investments from US has already crossed US$ 40 billion this year.
He said that global business is too attentive towards the 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.
He further invited US companies to invest in sectors like technology, healthcare, insurance, civil aviation, defence and infrastructure, Modi said there cannot be a better time to invest in India. “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," he added.
The ground for quick adoption and acceptance of insurance products was laid by the government with the success of the health assurance scheme Ayushman Bharat, crop insurance scheme PM Fasal Bima Yojna, and Jan Suraksha or social security schemes. “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.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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