Prime Minister Narendra Modi has made an astonishing pitch to US companies and investors to invest in India. Speaking at India Ideas Summit, Modi said that India has emerged as a land of opportunities, he added that there’s never been a better time to invest in India. He said that India offers a perfect combination of openness, opportunities and options.
Modi said India has got USD 20 Billion during the lockdown. Citing that Facebook and Google Incs have come forward to invest heavily in India, PM Modi asked US investors to invest in India and this is the right time. He pitched India as a global investment destination. Modi spoke at the two-day virtual summit – organised by the US-India Business Council. The meet is expected to bring together officials from the two nations who are setting the post-coronavirus recovery agenda.
He said that India is a business-friendly nation. He also cited the ease of doing business ratings of the World Bank. “You can see the optimism when India rises in key business ratings, particularly the Ease of Doing Business ratings of the World Bank,” said Modi. In October last year, India jumped 14 places to rank 63rd among 190 nations in the World Bank’s Ease of Doing Business ranking. The PM said the Union government has been aiming for the 50th spot.
Talking about the FDIs, Modi said, “Every year, we are reaching record highs in Foreign Direct Investment. Each year is significantly higher than the earlier one.” Giving examples, he added that FDI inflow in India in 2019-20 was USD 74 billion. “This is an increase of 20 per cent from the year before that,” he added. Veering towards the post-coronavirus economic situation, Narendra Modi said it has taught people that the global economy has been “too focused on efficiency and optimization”.
Modi’s pitch to US investors and companies seem to have struck a chord with them. One has to wait and watch for the desired results.