India Ideas Summit: PM Narendra Modi’s pitches nation as global investment destination

Prime Minister Narendra Modi has made a renewed pitch presenting India as an funding vacation spot whereas highlighting his authorities’s imaginative and prescient of combating world financial challenges introduced by exigencies comparable to coronavirus via the precept of self-reliance. He mentioned that India is rising as a land of alternative whereas itemizing the situations for attracting investments.

PM Modi’s remarks got here through the keynote handle on the India Ideas Summit being hosted by the US-India Business Council.

The 45th anniversary of the USIBC is themed round ‘Building a Better Future’

The Prime Minister mentioned the worldwide economic system has been too targeted on effectivity and optimization when concentrate on constructing resilience in opposition to financial shock was wanted. It has taken a worldwide pandemic to remind us of its significance, he mentioned.

“Efficiency is a good thing, but on the way we forgot to focus on something equally important, that is resilience against external shocks. It has taken a global pandemic to remind us, how important resilience is,” he mentioned.

He added that this may be achieved by stronger financial home capacities via enhancing home capability for manufacturing, restoring the well being of the monetary system and diversification of worldwide commerce.

“India is contributing towards a prosperous and resilient world through the clarion call of an Atma Nirbhar Bharat. For that we await your partnership. Today there is global optimism towards India. This is because India offers a perfect combination of openness opportunities and options,” the prime minister mentioned.

He added that India celebrates openness in folks and in governance.

“Open minds make open markets, open markets lead to greater prosperity. These are principles both India and the USA agree. And during the last six years to make this economy more open and reform oriented.”

In the backdrop of the present coronavirus disaster, the prime minister added that the worldwide strategy to the long run ought to be extra human centric one. “Our growth agenda must have the poor and vulnerable at its core,” he mentioned repeating a theme he has promoted for the reason that G20 meet held earlier this 12 months.

Earlier, talking on the summit, US secretary of state Mike Pompeo described India as an essential companion and a key pillar of US President Donald Trump’s overseas coverage.

“We’ve invited Prime Minister Narendra Modi to the G-7, where we’ll advance the economic prosperity network,” he mentioned.

External affairs minister S Jaishankar, too, had superior an argument saying India and the US wanted to resolve the pending issues in commerce relations and transfer into one thing greater. He had addressed the summit earlier within the day.

He added that the 2 international locations had the flexibility to form a bigger world agenda since they’d convergence on the “big picture”.

He additionally advocated key rules together with recognition of trusted expertise, creation of extra resilient provide chain and many others for reaching the target.