Prime Minister Narendra Modi on Wednesday invited Americans to invest in India saying that here has never been a better time to do so.
“American investors often look out for the perfect time to enter a sector or country, To them, I would like to say here has never been a better time to invest in India,” Modi said in his keynote address at the India Ideas Summit hosted by the US-India Business Council.
Modi called for investment in defence, health, insurance and aviation sector saying, “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.”
The Prime Minister also cited rising foreign direct investment (FDI) to tell the Americans of the opportunities that India offers.
“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,” he said.
He also cited India’s open market policy and it rise in the World Bank’s index of ease of doing business.
“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.”
Modi’s pitch comes a day after commerce minister Piyush Goyal proposed a “preferential trade agreement” with the US covering a limited number of goods and services as the next step after a likely “quick” trade deal before India and the US conclude a more ambitious Free Trade Agreement (FTA) that could take years.