PM Calls For Investment In India At US-India Business Council

 - Sakshi Post

NEW DELHI: Prime Minister Narendra Modi on Wednesday, July 22 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 in 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 ever, 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.

Referring to defence and space sectors, he said India is raising the FDI cap for investment in defence sector to 74 per cent.

"India has established two defence corridors to encourage the production of defence equipment and platforms. We offer special incentives for private and foreign investors. A few weeks ago, we cleared path-breaking reforms in the space sector. Come, be a part of these upcoming sectors," he said.

Pointing to finance and insurance, he said India has raised FDI cap for investment in insurance to 49 per cent.

"Now 100 per cent FDI is permitted for investment in insurance intermediaries. The insurance market in India is growing at a rate of more than 12 per cent and is expected to grow to USD 250 billion by 2025," he said.

The Prime Minister said that with the success of Ayushman Bharat, health assurance scheme, PM Fasal Bima Yojna, our crop insurance scheme and Jan Suraksha or social security schemes, the government has laid the ground for quick adoption and acceptance of insurance products.
(Inputs from PTI)

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