New Delhi: Prime Minister Narendra Modi Wednesday made a strong pitch to the US companies in an effort to divert global value chains from Beijing to New Delhi, and said India is a “land of opportunities”.
While the prime minister urged American companies to invest across all key sectors of the Indian economy — from defence, civil aviation, finance, health and insurance — he emphasised that the best time to invest in India’s agricultural sector is “now”.
“India is emerging as a land of opportunities… India invites you to invest in the hard work of our farmers. India has done historic reforms in the agriculture sector recently… To grow more streams of revenue, the best time to tap investment opportunities in India’s agricultural sector is now,” Modi said while addressing the US-India Business Council’s virtual India Ideas Summit.
The statement from Modi comes at a time when the Donald Trump administration is seeking more market access in India’s agricultural sector by way of tariff reduction under a trade deal.
Modi, however, did not mention the ongoing trade talks between India and the US even as both sides are trying to hammer out a quick deal.
India offers ‘perfect combination of openness, opportunities’
Urging American investors to make India their preferred destination to set up their shops, Modi said today there is a “global optimism” towards India.
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“Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities and options… India celebrates openness in people and in governance. Open minds make open markets. Open markets lead to greater prosperity. These are principles on which both India and the USA agree,” he said.
Modi further said the number of air passengers are expected to double up in India in the next eight years.
“The top private Indian airlines plan to include over a thousand new aircraft over the coming decade. This is a huge opportunity for any investor who chooses to set up manufacturing facilities in India, which can become a base for supplying regional markets,” he added.
Modi also highlighted that India has raised the limit of foreign direct investment (FDI) to 74 per cent in the defence sector, a sector where several American defense majors have plans to sell their armaments.
“India has established two defense corridors to encourage production of defense equipment and platforms. We offer special incentives for private and foreign investors,” he added.
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