Prime Minister Narendra Modi on Wednesday addressed the country at ‘India Idea” summit 2020, along with major America’s top business and political leader, making a forceful pitch for foreign investment and telling that India has “what is needed to power the global economic recovery” from the Coronavirus pandemic.
“Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities, and options. We have what is needed to power the global economic recovery,” PM Modi said while virtually addressing the annual summit of the US-India Business Council.
PM Modi focused on the advantages of foreign policies that India offers to major economies throughout the globe. And why it is the right time to invest in India. Focusing on the “Current” position of our country in the world market, Modi narrated a wide array of crucial aspects in his speech.
Starting off with the global investment banking, PM Modi shed light on the last year’s annual Ease of Doing Business ratings of the World Bank. In October 2019, the world bank held India at the 63rd position out of 190 countries at Ease of Doing Business rankings.
He also highlighted the foreign investment sector is booming up in the country each year. According to the official statistics, India recorded a whopping total of $76 billion in Foreign Direct Investment during the 2019-20 period. And this was an increase of 20% as compared to the previous year’s analysis.
While exaggerating on the FDIs, PM Modi also segued into the “Aatma Nirbhar Bharrat” motto. The slogan has also been taken up by his government and focuses on increased domestic capability for manufacturing, diversification of international trade, and restoring the health of the financial system.
“Recent experience has taught us that the global economy has been too focused on efficiency and optimization. Efficiency is a good thing. But, on the way, we forgot to focus on something equally important. That is resilience against external shocks,” he said, while indirectly accusing China of his deeds.
Modi also contemplated on the ideology of a global partnership between the two major economies that could benefit each other for years to come. “There is global optimism towards India. This is because India offers a perfect combination of openness, opportunities, and options,” PM Modi added.
With this thread of his speech, he then continued to add over some of the latest facts and figures accumulated from each industry in the country. Starting with tech, PM Modi focused on “Frontier Technologies” including 5G, Internet of Things, Block-chain, Big data analytics, and Quantum computing.
He then shifted the global investor’s focus on various sectors starting from the Agriculture. According to the new study, India has become a sustainable source of agricultural inputs and machinery, agriculture supply chain management, ready-to-eat items, fisheries, and organic produce.
Then, jumping to the health sector, the Prime Minister invited the foreign economies to invest in the health care sector. “The healthcare sector in India is growing faster than 22% every year. Our companies are also progressing in the production of medical-technology, telemedicine, and diagnostics,” he said.
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Comprising a wide range of services including energy, infrastructure, civil aviation, defense and space, and finance and insurance, PM Modi pitched the country as a global powerhouse for global economic growth and stressed about “human-centric” globalization.
Importantly, during the time of Lockdown, India has raised over $20 billion in foreign investment. This shows that foreign grounds have a great amount of faith in the Indian market and its economy and foresee it as a global investment replacement against China.