On 22nd July 2020, the Prime Minister of India, Shri Narendra Modi delivered his speech on the India Idea Summit 2020 through a virtual meet. This summit was hosted by the US-India Business Council (USIBC). Earlier on Tuesday, PM Modi tweeted, “Looking forward to addressing the India Ideas Summit, organized by @USIBC today at 9 PM. Will be sharing my views on Building a Better Future. Do Watch.” This year, USIBC is marking its 45th Anniversary with its theme as “Building a Better Future” for the year 2020. On a higher note, this summit mainly focused on all the US-India bilateral cooperation and future post-pandemic. For the betterment of the relationships between India and US, and in-order to strengthen and reinforce the relation of both the nations for a better tomorrow, it is conducted every year.
The Key speakers of this grand summit included Dr Jaishankar Prasad, Minister of External Affairs of India, Mike Pompeo, United States Secretary of State, Nikki Haley who is the US Ambassador to the United Nations and Caucus Mark Warner who is the Senator of Virginia and Co-chair of Senate India. Also, Union Ministers of India like Nirmala Sitaraman, Nitin Gadkari and Piyush Goyal shared their view and dedicated points towards the summit.
In his twenty-one-minute speech, the Prime Minister mentioned many points about the growth and opportunities that one may witness amidst the pandemic in India. As always, the speech was addressed for the welfare and growth of the industries, the US-India relationship, and foreign investments in the country.
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Major key points from his speech are as follows:
- PM Modi added that our approach to the future should be human-centric taking into account the poor. He believes that the agenda of growth must place the poor and vulnerable at the core. Also, according to him the “Ease of Living” is as important as “Ease of Business.”
- The present time has taught a lot to the world, himself included. From these experiences, the global economy has been focused on efficiency and optimization. It has also reminded the global economy how important resilience is.
- By stronger domestic resilience capacities, global economic resilience can be achieved. It means restoring the health of the financial system, domestic capacity for manufacturing and diversification of international trade.
- A clarion call of PM Modi i.e. “Atma Nirbhar Bharat” (self-dependent India) is constantly contributing towards a prosperous and resilient world.
- India provides a perfect base for openness, technologies and opportunities. Also, the country enjoys the openness in people and governance. According to PM Modi, open minds lead to open market and the same leads to greater prosperity.
- In the past six years, India has witnessed an effort to make our economy more open and reform-oriented. It has ensured the growth in competitiveness and has enhanced the ‘Transparency’ which has expanded ‘Digitization’ with greater ‘Innovation’ and stability in policies.
- Year after year, India is emerging as the land of opportunities. For the very first time in India, rural internet users are more as compared to urban internet users. Technology has connected over half a billion people.
- Investments in India are extensive. Recently, historic reforms are recorded in the field of agriculture. Ready-to-eat items, fisheries, agricultural inputs, agriculture supply chains are some key areas where investments are invited as an opportunity to grow. Also, by the year 2025 in the food processing sector itself, the revenue is expected to be half a trillion dollars. Investing in the agriculture sector is regarded as the best in India right now.
- India welcomes investments in health care sectors. Every year the health care sectors are growing rapidly on a mark of 22%. The existing companies in India are progressing each year in production of medical technology, diagnostics and telemedicine. In Pharma sectors as well, there is a robust partnership between India and US. There are many growth opportunities if one is willing to invest in Indian Healthcare centres as it is the best time to invest.
- Also, India invites foreign companies to invest in insurance and finance as India has raised the FDI caps for investment in insurance to 49%.
- Also, he called out several International and foreign-based companies to invest as India is evolving into a gas-based economy. There are big investments in the gas sector. PM Modi seeks foreign companies to invest in India as it is the best time to enter the Indian power sectors.
- He called for investments in the sector of infrastructure as the nation is witnessing the largest infrastructure creation drive in history. PM Modi calls for partnerships for building houses, roads, highways and ports across the length and breadth of the nation.
- There are many sectors in India which are growing tremendously and will grow in the upcoming years as well. In fields like aviation, technology, and agriculture, there are great opportunities. In the upcoming eight years in the civil aviation sector, the numbers of passengers are expected to double. Also, over the coming decade the top private Indian airlines are planning to include over a thousand new aircraft.
- India is establishing two space corridors to encourage the production of defence equipment and platforms. PM calls for investment in space and defence sector as well because there is an increase of 74% in FDI cap for the defence sector.
- The FDI inflows in India in the year 2019-20 were USD 7 billion. Hence, there is an increase of 20% compared to the previous year and every year there is a significant growth in FDIs.
- There are many opportunities amidst the pandemic itself. It includes frontier technologies of 5G, Quantum computing, big data analytics, Block-chain and Internet of things (IoT).
- The markets are open, and there is a flow of opportunities and options in the market itself. This is because, at present in India, there is global optimism towards the nation. According to him, the rise of India means; a rise in trade opportunities with the nation which ultimately culminates into growth in global economy.