New Delhi: Prime Minister Narendra Modi has called upon the US industry to take advantage of the scale, opportunities and recent reforms in India by investing in sectors as diverse as space and healthcare.
Addressing the India Ideas Summit hosted by the US-India Business Council via video conferencing, Modi said that there has never been a better time to invest in India.
“India is contributing towards a prosperous and resilient world through the clarion call of ‘Aatmanirbhar Bharat’. And for that, we await your partnership,” he said.
“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. Open minds make open markets. Open markets lead to greater prosperity. These are principles on which both India and the US agree,” the Prime Minister said.
Modi also said that India is emerging as a land of opportunities.
“Recently, an interesting report came out in India. It said that for the first time ever, there are more rural internet users than even urban internet users. Imagine the scale. There are about half a billion active internet users in India now. Half a billion connected people. Does this sound huge to you? Hold your breath.
“Because, there are over half a billion more people who are being connected. Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and internet of things,” the Prime Minister said.
Modi also pointed out the extensive options to invest in India.
He cited sectors such as agriculture, aviation, insurance and finance, defence and space, among others, which offer long-term sustainable returns and scale.
Exhorting investors, he said that tapping into the country’s food processing, aviation and power industry can be beneficial for them as key reforms have been carried out in these sectors.
“India has done historic reforms in the agriculture sector recently. There are investment opportunities in agricultural inputs and machinery, agriculture supply chain management, ready-to-eat items, and fisheries and organic produce. India’s food processing sector is expected to be worth over half a trillion dollar by 2025.
“To grow more streams of revenue, the best time to tap investment opportunities in Indian agriculture sector is now. India invites you to invest in healthcare. The healthcare sector in India is growing faster than 22 per cent every year,” he said.
Modi also talked about investment opportunities for US companies in the country’s energy sector as India evolves into a gas-based economy.
In terms of FDI inflows, the Prime Minister revealed that India attracted $20 billion in foreign capital during April-July despite the Covid pandemic. FDI inflows in India in 2019-20 were $74 billion, he said.
India-US closing in on trade deal: Piyush Goyal
New Delhi: A trade deal between India and the US is closed to being sealed, Commerce and Industry Minister Piyush Goyal said.
Speaking at the USIBC India Ideas Summit webinar, he cited some pending matters between the two sides which need to be out of way for reaching the deal.
However, he exuded confidence that agreement would be reached soon.
“In the long run, I believe we have a quick trade deal which has some of the pending matter built up over the last couple of years, which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to sort that out,” he said.
“Post that, as it was already intimated to the US Congress, the United States and India need to sit down at the negotiating table. I don’t know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, much more robust, much more enduring partnership in the form of a free trade agreement to which India is willing to work with an open mind with a willingness to open our hearts and our markets with a corresponding opportunity for Indian businesses in the US.”
Besides, the minister said the two countries should also look at preferential trade pacts.