India Ideas Summit 2020: PM Narendra Modi Invites Foreign Companies to Invest in Various Sectors in India Citing Increase in FDI Limits, Calls US 'Natural Partner'

New Delhi, July 22: Prime Minister Narendra Modi, delivering a keynote address at India Ideas Summit 2020 virtually on Wednesday, invited foreign companies to invest in various sectors in India. PM Modi said that there has never been better time to invest in India. The Summit is being hosted by the US-India Business Council (USIBC). The theme for this year’s Summit is ‘Building a Better Future’.

PM Modi congratulated USIBC on its 45th anniversary this year. During his address, he said said that there is global optimism towards India because it offers a perfect combination of openness, opportunities and options. PM Modi stated, "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." Fourth of July 2020 Wishes: PM Narendra Modi Congratulates Donald Trump on US Independence Day, Says 'As Largest Democracies We Cherish Freedom'.

Tweets by PMO:

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: PM @narendramodi

— PMO India (@PMOIndia) July 22, 2020

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: PM @narendramodi

— PMO India (@PMOIndia) July 22, 2020

The Prime Minister underlined that there are extensive opportunities to invest in a variety of sectors in India. said that there are opportunities to invest in areas including agriculture inputs and machinery, agriculture supply chain, food processing sector, fisheries and organic produce. Donald Trump Replies to PM Modi's Fourth of July 2020 Greeting, Says 'Thank You My Friend, America Loves India'.

PM Narendra Modi's Full Address:

#WATCH live: PM Modi delivers keynote address at India Ideas Summit, via video conferencing. https://t.co/0iWLqo0wMM

— ANI (@ANI) July 22, 2020

During his address, PM Modi also talked about India’s rise in Ease of Doing Business rankings of the World Bank. The Prime Minister said that India has raised the FDI cap for investment in insurance to 49 percent and 100 percent FDI is permitted for investment in insurance intermediaries. PM Modi mentioned that India is raising the FDI cap for investment in defence sector to 74 percent. He said, "Two defence corridors have been established to encourage production of defense equipment and platforms, and added that special incentives are offered for private and foreign investors."

Tweet by PMO:

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: PM @narendramodi

— PMO India (@PMOIndia) July 22, 2020

Calling USA and India as natural partners, he said this partnership can play an important role in helping the world bounce back faster after the pandemic. The Prime Minister stated, "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." PM Modi added that  there are few better partners than the United States of America and both the countries are two vibrant democracies with shared values.

(The above story first appeared on LatestLY on Jul 22, 2020 09:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).