Context: Recently, the India Ideas Summit 2020 was concluded with the support of US India Business Council (USIBC).
Key Highlights of India Ideas Summit 2020
- The theme for this year’s India Ideas Summit is ‘Building a Better Future’.
- It featured high-level presence from Indian and US government policymakers, state-level officials and thought leaders from business and society.
- It witnessed discussions on areas including India-US cooperation and future of the relation between the two countries in a post-pandemic world.
- The summit is being organised by the US-India Business Council which marks the 45th anniversary of the formation of the US-India Business Council.
Prime Minister’s Address to India Ideas Summit 2020
India is emerging as a land of opportunities
- There are more rural Internet users than even urban Internet users.
- There are about half a billion active Internet users in India now.
- Opportunities in technology also include opportunities in the frontier technologies of 5G, big data analytics, quantum computing, block-chain and Internet of things.
India’s Self-Reliant Campaign
- India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’.
- India offers a perfect combination of openness, opportunities and options.
Scope of Investments in India
- India’s ranking in the World Bank’s Ease of Doing Business rankings is continuously improving.
- India is reaching record highs in FDI, adding that FDI inflows in India in 2019-20 were 74 billion dollars, an increase of 20 per cent over the previous year.
- During the early months of pandemic, India has attracted foreign investment of more than 20 billion dollars.
- There are investment opportunities in Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries and Organic produce.
- As India evolves into a gas-based economy, there will be big investment opportunities for US companies.