New Delhi: Prime Minister Narendra Modi made a pitch Wednesday to the US business and industry to invest in sectors as diverse as space and healthcare and take advantage of the scale, opportunities and recent reforms in India. He was 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 ‘Atmanirbhar Bharat’ (Self-sufficient India). 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 in his keynote address.
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.
Meanwhile, a trade deal between India and the US is close to being sealed, Commerce and Industry Minister Piyush Goyal said. He was also 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. “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.
