There has never been a better time to invest in India: PM Modi

Published By : Admin | July 22, 2020 | 22:33 IST
QuoteGlobal economic resilience can be achieved by stronger domestic economic capacities: PM
QuoteIndia is contributing towards a prosperous and resilient world through the clarion call of ‘Aatmanirbhar Bharat’: PM
QuoteThere has never been a better time to invest in India: PM
QuoteIndia is emerging as a land of opportunities: PM
QuoteIndia-US partnership can play an important role in helping the world bounce back faster after the pandemic: PM

Namaste!

Business leaders,

Distinguished guests,

I thank the US-India Business Council for inviting me to address the 'India Ideas Summit'. I also congratulate the USIBC on its forty fifth anniversary this year. Over the past decades, the USIBC has brought Indian and American business closer. USIBC's choice of this year's Ideas Summit -‘Building a Better Future' is also very very relevant.

Friends,

We all agree that the 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 the future must primarily be a more human- centric one. Our growth agenda must place the poor and vulnerable at the core. ‘Ease of Living’ is as important as ‘Ease of Business’.

Friends,

Recent experience has taught us that the global economy has been too focused on efficiency and optimization. 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.

Friends,

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.

Friends,

India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’. And, for that, we await your partnership!

Friends,

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. Open minds make open markets. Open markets lead to greater prosperity. These are principles on which both India and the USA agree.

Friends,

During the last six years, we have made many efforts to make our economy more open and reform oriented. Reforms have ensured increased ‘Competitiveness’, enhanced ‘Transparency’, expanded ‘Digitization’, greater ‘Innovation’ and more ‘Policy stability’.

Friends,

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. Imagine the scale! There are about half a billion active internet users in India now. Half a billion connected people. Does this sound huge to you? Hold your breath. Because, there are over half a billion more people who are being connected. Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things.

Friends,

The options to invest in India are extensive. India invites you to invest in the hard-work of our farmers. India has done historic reforms in the agriculture sector recently. There are investment opportunities in: Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries and Organic produce. India's food processing sector is expected to be worth over half a trillion dollars by 2025. To grow more streams of revenue, the best time to tap investment opportunities in Indian agriculture sector is now!

India invites you to invest in healthcare. The Healthcare sector in India is growing faster than 22 percent every year. Our companies are also progressing in production of medical-technology, tele-medicine and diagnostics. India and the US have already built a robust partnership in the Pharma sector. To achieve scale and speed, now is the best time to expand your investment in Indian health-care sector!

India invites you to invest in energy. As India evolves into a gas-based economy, there will be big investment opportunities for US companies. There are also big opportunities in the clean energy sector. To generate more power for your investment, this is the best time to enter the Indian power sector!

India invites you to invest in infrastructure. Our nation is witnessing the largest infrastructure creation drive in our history. Come, be a partner in building housing for millions, or building roads, highways and ports in our nation.

Civil Aviation is another area of great potential growth. The number of Air passengers are expected to more than double within next 8 years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade. This is a huge opportunity for any investor who chooses to set up manufacturing facilities in India, which can become a base for supplying regional markets. A similar case is obvious for setting up Maintenance Repair and Operations facilities. To give flight to your aviation targets, this is an ideal time to invest in the Indian aviation sector.

India invites you to invest in defense and space. We are raising the FDI cap for investment in defense sector to 74 percent. India has established two defense corridors to encourage production of defense 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.

India invites you to invest in finance and insurance. India has raised FDI cap for investment in insurance to 49 percent. Now 100 percent FDI is permitted for investment in insurance intermediaries. The insurance market in India is growing at a rate of more than 12 percent and is expected to grow to 250 billion dollars by 2025. With the success of Ayushman Bharat, our 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. There are large untapped opportunities for increasing insurance cover in health, agriculture, business and life insurance. To generate long term and assured revenues, the Indian insurance sector is one of the best investment options right now!

I have given you a few options and that too without any consultancy fees.

Friends,

When the markets are open, when the opportunity is high and the options are many, can optimism be far behind! You can see the optimism when India rises in key business ratings. Particularly the Ease of Doing Business ratings of the World Bank.

Investment is the best show of confidence. Every year, we are reaching record highs in FDI. Each year is significantly higher than the earlier one. FDI inflows in India in 2019-20 were 74 billion dollars. This is an increase of 20 percent from the year before that. Friends in USIBC inform that ‘pledged investment’ from the US has already crossed 40 billion dollars this year! Also see what has happened even during the ongoing pandemic. In the middle of COVID, India has attracted foreign investment of more than 20 billion dollars between April and July 2020!

But, India offers many more opportunities. We have what is needed to power the global economic recovery.

Friends,

The rise of India means: a rise in trade opportunities with a nation that you can trust, a rise in global integration with increasing openness, a rise in your competitiveness with access to a market which offers scale. And a rise your returns on investment with the availability of skilled human resources.

Friends,

For this vision, there are few better partners than the United States of America. India and the USA are two vibrant democracies with shared values. We are natural partners. The US-India friendship has scaled many heights in the past. Now it is time our partnership plays an important role in helping the world bounce back faster after the pandemic. American investors often look out for the perfect timing to enter a sector or a country. To them, I would like to say: there has never been a better time to invest in India!

I once again thank the USIBC leadership for their commitment to advancing India-US economic partnership. May the USIBC keep scaling new heights!

May the India-America friendship grow further!

Namaste!

Thank you!

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PM chairs a High-Level Meeting to review Ayush Sector
February 27, 2025
QuotePM undertakes comprehensive review of the Ayush sector and emphasizes the need for strategic interventions to harness its full potential
QuotePM discusses increasing acceptance of Ayush worldwide and its potential to drive sustainable development
QuotePM reiterates government’s commitment to strengthen the Ayush sector through policy support, research, and innovation
QuotePM emphasises the need to promote holistic and integrated health and standard protocols on Yoga, Naturopathy and Pharmacy Sector

Prime Minister Shri Narendra Modi chaired a high-level meeting at 7 Lok Kalyan Marg to review the Ayush sector, underscoring its vital role in holistic wellbeing and healthcare, preserving traditional knowledge, and contributing to the nation’s wellness ecosystem.

Since the creation of the Ministry of Ayush in 2014, Prime Minister has envisioned a clear roadmap for its growth, recognizing its vast potential. In a comprehensive review of the sector’s progress, the Prime Minister emphasized the need for strategic interventions to harness its full potential. The review focused on streamlining initiatives, optimizing resources, and charting a visionary path to elevate Ayush’s global presence.

During the review, the Prime Minister emphasized the sector’s significant contributions, including its role in promoting preventive healthcare, boosting rural economies through medicinal plant cultivation, and enhancing India’s global standing as a leader in traditional medicine. He highlighted the sector’s resilience and growth, noting its increasing acceptance worldwide and its potential to drive sustainable development and employment generation.

Prime Minister reiterated that the government is committed to strengthening the Ayush sector through policy support, research, and innovation. He also emphasised the need to promote holistic and integrated health and standard protocols on Yoga, Naturopathy and Pharmacy Sector.

Prime Minister emphasized that transparency must remain the bedrock of all operations within the Government across sectors. He directed all stakeholders to uphold the highest standards of integrity, ensuring that their work is guided solely by the rule of law and for the public good.

The Ayush sector has rapidly evolved into a driving force in India's healthcare landscape, achieving significant milestones in education, research, public health, international collaboration, trade, digitalization, and global expansion. Through the efforts of the government, the sector has witnessed several key achievements, about which the Prime Minister was briefed during the meeting.

• Ayush sector demonstrated exponential economic growth, with the manufacturing market size surging from USD 2.85 billion in 2014 to USD 23 billion in 2023.

•India has established itself as a global leader in evidence-based traditional medicine, with the Ayush Research Portal now hosting over 43,000 studies.

• Research publications in the last 10 years exceed the publications of the previous 60 years.

• Ayush Visa to further boost medical tourism, attracting international patients seeking holistic healthcare solutions.

• The Ayush sector has witnessed significant breakthroughs through collaborations with premier institutions at national and international levels.

• The strengthening of infrastructure and a renewed focus on the integration of artificial intelligence under Ayush Grid.

• Digital technologies to be leveraged for promotion of Yoga.

• iGot platform to host more holistic Y-Break Yoga like content

• Establishing the WHO Global Traditional Medicine Centre in Jamnagar, Gujarat is a landmark achievement, reinforcing India's leadership in traditional medicine.

• Inclusion of traditional medicine in the World Health Organization’s International Classification of Diseases (ICD)-11.

• National Ayush Mission has been pivotal in expanding the sector’s infrastructure and accessibility.

• More than 24.52 Cr people participated in 2024, International Day of Yoga (IDY) which has now become a global phenomenon.

• 10th Year of International Day of Yoga (IDY) 2025 to be a significant milestone with more participation of people across the globe.

The meeting was attended by Union Health Minister Shri Jagat Prakash Nadda, Minister of State (IC), Ministry of Ayush and Minister of State, Ministry of Health & Family Welfare, Shri Prataprao Jadhav, Principal Secretary to PM Dr. P. K. Mishra, Principal Secretary-2 to PM Shri Shaktikanta Das, Advisor to PM Shri Amit Khare and senior officials.