On Wednesday while addressing ‘India Ideas’ Summit Prime Minister Narendra Modi said that India has managed to attract 20% more Foreign Direct Investment (FDI) than what it did in 2019. The US-India Business Council has organised the summit to mark the occasion of the 45th Anniversary of the Council.
Prime Minister also said while describing the country’s achievements, “Every year, we are reaching record highs in FDI. Each year is significantly higher than the earlier one. FDI inflows in India in 2019-20 were 74 billion dollars. This is an increase of 20 per cent from the year before that.” “India and the USA are two vibrant democracies with shared values. We are natural partners,” he further added while explaining the importance of India and the United States viable trade relationship.
PM Modi also mentioned the improvements made in Ease of Doing Business ratings of India and its market that offers scale and competitiveness. He also remarked that “During the last six years, we have made many efforts to make our economy more open and reform-oriented. Reforms have ensured increased competitiveness, enhanced transparency, expanded digitization, greater innovation and more policy stability,” at India’s Ideas Summit.
Prime Ministers also talked about the Healthcare Sector’s faster growth rate of India which is reaching more than 22% every year, and the Indian Economy is evolving into a Gas-based economy as we are building houses roads and ports, while he was taking initiative to invite investments in various sectors.
According to a report which suggested that over the course of eight years that the Air passengers will get more than doubled, said PM Modi himself. He also affirmed that India has raised the FDI Cap for investment in the Defense sector to 74 per cent and in the Insurance sector to 49 per cent.
The Prime Minister ended his address by saying, “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 faster after the pandemic.”
With Warm Regards,
CL Bureau.
