On Wednesday, the US-India Business Council (USIBC) organized the India Ideas Summit. In the keynote address of this virtual summit, Prime Minister Narendra Modi said that India and the US could play a significant role in the recovery of the global economy from the financial shock that it is undergoing owing to the coronavirus pandemic.
PM Modi said, “We all agree that the world is in need of 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.” He urged the American investors to actively partake in India, stating that India has been prosperous in drawing FDI of over $20 billion in the April-July period despite the pandemic.
Asserting that India has the potential to give to the crumbling economy the stability it demands, PM Modi said, “Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities, and options.”
The International Monetary Fund (IMF) has predicted a 4.9% dip in the global economy in 2020. The estimated squeeze for India during 2021 Financial Year is projected at 4.5% due to the plummeting of economic ventures, courtesy the pandemic. But PM Modi listed all the successful investments that have increased India’s credibility in the global market.
From the success of Ayushman Bharat in the health sector, PM Fasal Bima Yojna, as a crop insurance scheme in the agricultural industry, to the social security scheme, like Jan Suraksha, PM said that the Centre has facilitated swift adoption and undertaking of insurance products. In technology as well, India has promising avenues to offer concerning “5G, Big data analytics, Quantum computing, Block-chain and Internet of things.”
The summit assembled many senior officials of the Indian and the US Governments with the principal objective of outlying the agenda for post-pandemic economic recovery. Indian External Affairs Minister S Jaishankar said, “I understand the centrality of the economic relations. These are bread and butter issues. These are really what make countries deal with each other. But I think, between India and the US, while we work through trade issues, we need to think bigger.”
Investors were also urged to consider investing in energy, specifically the clean energy sector, as India is evolving into a gas-based economy that would open up numerous opportunities for interested US companies. Furthermore, the PM also invited investors to invest in various other sectors like civil aviation, defense, and infrastructure and said, “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.”