Speaking via video conferencing, PM Modi in his address first expressed his gratitude for the invitation and congratulated the USIBC on its forty fifth anniversary this year.
Moving further, he went on to say that India offers a perfect combination of openness, opportunities and technologies. India celebrates openness in people and in governance. Open minds make open market and open markets lead to greater prosperity. India is emerging as a land of opportunities.
It is to be noted that over the past decades, the USIBC has brought Indian and American business closer. India and the USA are two vibrant democracies with shared values.
"We all agree that world is in need for a better future. And, it is all of us who have to collectively give shape to the future. I firmly believe that our approach to future must primarily be a more human-centric one," Prime Minister at India Ideas Summit said.
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"Global economic resilience 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.
Speaking on the same note, PM briefed about the FDI inflows in India which is getting significantly higher each year than the earlier one. As per what PM Modi mentioned, FDI inflows in India in 2019-20 were USD 74 billion. This is an increase of 20 per cent from the year before that. India attracted over USD 20 billion foreign investment between April and July.
India has raised FDI cap for investment in insurance to 49%. Now 100% FDI is permitted for investment in insurance intermediaries.
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"India invites you to invest in infrastructure. Be a partner in building housing for millions, or building roads, highways and ports in our nation," PM Modi said.
He further invited investment in energy, finance and insurance, defence and space, Civil Aviation, healthcare.
The Healthcare sector in India is growing faster than 22 percent every year. The optimism in can be noted when India rises in key business ratings, particularly the Ease of Doing Business ratings of the World Bank.