Prime Minister Narendra Modi, on July 22, said that global economic resilience can be achieved by stronger domestic economic capacities, while inviting investors in various sectors including Health, Insurance and Energy.
PM Modi was delivering a keynote address at the India Ideas Summit hosted by US-India Business Council (USIBC), via video conferencing.
“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.
While asserting that India is contributing to a prosperous world through the clarion call of Atmanirbhar Bharat, PM Modi said, “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.”
The prime minister said that his government has introduced several reforms in the Indian economy in the last six years, which has made it open, more transparent, competitive and even more digital.
While inviting investors to put money in the Health sector, PM Modi said, “The Healthcare sector in India is growing faster than 22 percent every year. Our companies are also progressing in production of medical-technology, telemedicine and diagnostics.”
He also invited investors in the Defence and Space sectors. The FDI cap for investment in the Defense sector is being raised to 74 percent, he said.
While inviting investors to imbue funds in the Finance and Insurance sectors, PM Modi said, “India has raised FDI cap for investment in insurance to 49%. Now 100% FDI is permitted for investment in insurance intermediaries.”
The prime minister said that India is evolving into a gas-based economy, which is an indication of big investment opportunities for US-based companies. There’re also opportunities in clean energy, he added.
“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 $74 billion. This is an increase of 20 percent from the year before that. India attracted over $20 billion foreign investment between April and July,” he said before concluding his address. – Moneycontrol