India contributing towards resilient world through clarion call of ‘Atmanirbhar Bharat’, says PM Narendra Modi at US-India Business Council's India Ideas Summit

Amid simmering tensions between Indian and Chinese along the Line of Actual Control (LAC) in Ladakh, Prime Minister Narendra Modi on Wednesday is addressing the US-India Business Council's India Ideas Summit. In his address, PM Modi will speak on how India-US partnership can play a pivotal role in shaping the post-COVID-109 world. Union Minister of External Affairs Dr S Jaishankar and Union Finance Minister Nirmala Sithamran will also speak at the summit. 

It is expected that the coronavirus COVID-19 pandemic would be a broad theme of discussions along with a focus on India-China border dispute in the wake of violent clashes between Indian and Chinese troops in Ladakh's Galwan Valley. PM Modi may also raise the issue of national security vis-à-vis Chinese tech companies during the summit.

Here are the highlights:

* 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

* For this vision, there are few better partners than the United States of America. India and the USA are two vibrant democracies with shared values. We are natural partners: PM 

* 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 

* India invites you to invest in energy as India evolves into the gas-based economy. There will be big investment opportunities for US companies. There are also opportunities in clean energy. To generate more power for your investment, this is the best time to enter the Indian power sector: PM

* India invites you to invest in finance and insurance. India has raised FDI cap for investment in insurance to 49%. Now 100% FDI is permitted for investment in insurance intermediaries: Prime Minister Narendra Modi at India Ideas Summit hosted by US-India Business Council

* India invites you to invest in defence & space. We're raising the FDI cap for investment in the defence sector to 74%. India has established 2 defence corridors to encourage the production of defence equipment & platforms: PM Modi at India Ideas Summit hosted by US-India Business Council

* Civil Aviation is another area of great potential growth. The number of air passengers is expected to more than double within the next 8 years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade: PM Narendra Modi

* India invites you to invest in healthcare. The Healthcare sector in India is growing faster than 22 per cent every year. Our companies are also progressing in production of medical-technology, telemedicine and diagnostics: PM Modi

* Today, there is global optimist towards India. This is because India offers a perfect combination of openness, opportunities & technologies. India celebrates openness in people & in governance. Open minds make open market &open markets lead to greater prosperity: PM Narendra Modi

* 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: PM Modi at India Ideas Summit

* During the last six years, we have made many efforts to make our economy more open and reform-oriented. Reforms have ensured increased ‘Competitiveness’, enhanced ‘Transparency’, expanded ‘Digitization’, greater ‘Innovation’ and more ‘Policy stability’: PM Modi

* India is contributing towards a prosperous and resilient world through the clarion call of an Atmanirbhar Bharat. For that, we await your partnership: Prime Minister Narendra Modi at India Ideas Summit hosted by US-India Business Council

* 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 Narendra Modi

* We all agree that world is in need for 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 future must primarily be a more human-centric one: PM Modi at India Ideas Summit by US-India Business Council

* The summit will also be attended by some of the best names of Indian I-T companies such as C Vijayakumar, President & CEO, HCL Technologies, N. Chandrasekaran, Chairman, Tata Group & Co-Chair of the U.S.-India CEO Forum are also likely to attend and participate in panel discussions.

* Notably, the India Ideas Summit marks the 45th anniversary of the formation of US-India Business Council. According to the US Defence Secretary, the relationship with India is "one of the all-important defence relationships of the 21st century. In 2019, USIBC hosted over 400 attendees over two days for its first India Ideas Summit in Washington. Over 50 dynamic speakers, 10 panels focused on trade and connectivity between the United States and India, and across the Indo-Pacific.