According to the PM, the coronavirus pandemic has showed the importance of economic resilience, which can be achieved by stronger domestic economic capacities
Prime Minister Narendra Modi invited US companies to invest in India’s healthcare, infrastructure, defence, energy, farm and insurance sectors, saying the country offers openness, opportunities and options for investments.
“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 governance,” Modi said while addressing the US-India Business Council.
He said the coronavirus pandemic has showed the importance of economic resilience, which can be achieved by stronger domestic economic capacities.
“This means improved domestic capacity for manufacturing, restoring the health of the financial system and diversification of international trade,” he added.
“India is emerging as a land of opportunities. Let me give you one example of the tech sector. Recently, an interesting report came out in India. It said for the first time, there are more rural internet users than even urban Internet users,” he said.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Reforms have ensured increased competitiveness, transparency, digitisation, innovation and policy stability, the Prime Minister said.
In another latest development, asserting that India has been a reliable partner in the global supply chain, India’s Ambassador to the US Taranjit Singh Sandhu said the country has supplied COVID-19 related medical equipment and medicines to over 100 countries, including the US.
Addressing the virtual India Ideas Summit organised by US India Business Council, India’s Ambassador to the US said every crisis presents itself with a new opportunity.
The pandemic has made the world realise, the need for resilient and reliable partnerships, which can withstand shocks and uncertainties, Sandhu said.
“India has been a reliable partner, in the global supply chain. When the need arose, we stepped up and supplied COVID related medicines, and medical equipment to over 100 countries, including the US,” he said.
Adressing the summit, immediately after Prime Minister Narendra Modi delivered his key note speech, Sandhu said there has been expanded collaboration, between India and the US in areas such as health, vaccine development, science and technology and innovation.
“We are learning from each other’s best practices. I firmly believe, that technology will play in an important role, in the COVID and post-COVID world. Already, it is providing innovative solutions, to work, education, business, health-care and even diplomacy. The free and open exchange of ideas, and information, has been one of the biggest strengths, of our partnership,” he said.
Noting that India has undertaken a series of structural reforms to attract investment, and improve, the ease of doing business in India, Sandhu said that recent investments announced by American companies, including Google, Facebook and others, reflect the confidence, of foreign investors in the economy.
Observing that today India is one of the fastest digitising countries, he said the reforms and initiatives undertaken by the government have facilitated creation of infrastructure in the sector, which has led to improved digital connectivity, achieved near universal coverage of telecom services and made available adequate spectrum for a range of activities.
Sandhu said the global economy will see major restructuring of supply chains in the future.
With the recent disruption and risks, security management of supply chains has become a priority, he said, adding that India has been a reliable partner to many countries, including the US during the current pandemic.
“As global MNCs, including US companies look for relocating and diversifying their supply chains, we welcome them to invest in India,” Sandhu said.
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