-- India offers many more opportunities. We have what is needed to power the global economic recovery.
-- American investors often look out for the perfect timing to enter a sector or a country. To them, I would like to say: there has never been a better time to invest in India. — Narendra Modi, Prime Minister
NEW DELHI: Prime Minister Narendra Modi on Wednesday called upon the US industries to take advantage of the 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 now is the best time to invest in India.
Pitching India as a land of opportunities, Modi said the partnership between the two nations can play an important role in helping the world bounce back faster after the coronavirus pandemic.
Modi saw too much focus on efficiency and optimisation as a pitfall for the global economy and said improved domestic manufacturing together with healthy financial systems and diversified international trade was the answer to the shocks triggered by COVID-19.
"India offers many more opportunities. We have what is needed to power the global economic recovery," he said.
Speaking at the US-India Business Council's 'India Ideas Summit' through a video link, he sought US investment in sectors ranging from healthcare to energy, defence and space, saying the country was open to doing business with the world.
"The US-India friendship has scaled many heights in the past. Now it is time our partnership plays an important role in helping the world bounce back faster after the pandemic," he said. "There are few better partners than the United States of America and India. India and the USA are two vibrant democracies with shared values. We are natural partners." Stating that the world needs a better future, he said the recent experience has shown that the global economy has been too focused on efficiency and optimisation.
Making a strong pitch for US investments, he said India got over $20 billion of foreign investment during the pandemic times. Modi said the FDI cap for investment in the insurance sector has been raised to 49%, while 100% foreign investment is permitted in insurance intermediaries.