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Few better partners than us, and you can trust us: PM Modi | India News


NEW DELHI: Prime Minister Narendra Modi said India represents growing business opportunities with a nation that can be trusted and that offers access to a market that has scale and availability of qualified human resources.
The prime minister’s comments at the India-US business summit on Wednesday, read in the context of ongoing concerns about China-based supply chains, were a clear attempt to position India as a trade partner and safer destination. and confiable.
“The friendship between the US and India has grown to a great height. It is time for our association to play a key role in helping the world recover faster after the pandemic. American investors often look for the perfect time to enter a sector or country. For them, I would say, there has never been a better time to invest in India, ”said Modi.
Seeking to position India as a welcoming destination, Modi said areas like finance, insurance, defense and space offer great opportunities. He said 100% FDI was allowed and that big schemes like Ayushman Bharat and crop insurance had increased acceptance of insurance products and that the sector could grow to $ 250 billion by 2025.
The Prime Minister said that the health sector was growing at 22% and that there were more rural than urban internet users. “There are more than 500 million more connected people. Technology opportunities also include operations opportunities in cutting-edge 5G technologies, big data analytics, quantum computing, blockchain and the Internet of Things, ”he added.
Noting the synergies that could be seen in contrast to China, Modi said: “India offers a perfect combination of openness, opportunity and choice. Let me elaborate. India celebrates openness in people and in governance. Open minds create open markets … These are principles on which India and the United States agree. ” Modi invited the US to invest in India’s agricultural sector (traditionally off limits to foreign investment), healthcare that includes medical technology, energy, infrastructure, and civil aviation.
He said that in the race for economic growth based on efficiency and optimization, the world did not pay enough attention to resistance to external shocks.
“Global economic resilience can be achieved through stronger internal economic capabilities. This means better domestic capacity for manufacturing, restoring the health of the financial system and diversifying international trade. ”
Speaking about global optimism about India, Modi said: “FDI inflows to India in 2019-20 were $ 74 billion. This is an increase of 20% over the previous year. In the midst of the pandemic, India attracted more than $ 20 billion. ” This, he said, was an increase in the same period last year. Saying that India had created two defense corridors, the prime minister said the government raised the FDI limit for investment in the defense sector to 74%. “India has established two defense corridors to encourage the production of defense equipment and platforms. We offer special incentives for private and foreign investors. ”

Times of India