Context: Recently India Ideas Summit has been concluded with the theme ‘Building a Better Future’.
More on the news:
- The Summit is being hosted by the US-India Business Council (USIBC) and 2020 marks the 45th anniversary of USIBC.
- USIBC is committed to advance India-US economic partnership.
Key highlights of the summit:
Building global economic resilience through stronger domestic economic capacities
- Addressing the summit the Prime Minister of India talked about the need to place the poor and the vulnerable at the core of the growth agenda.
- There is the need to understand that ‘Ease of Living’ is as important as ‘Ease of Business’.
- The pandemic has reminded of the importance of resilience of the global economy against external shocks, which can be achieved by stronger domestic economic capacities.
- India’s contribution: India is contributing towards a prosperous and resilient world through the clarion call of an ‘Aatmanirbhar Bharat’.
India offers a perfect combination of openness, opportunities and options
- India has made several efforts to make its economy more open and reform oriented.
- Reforms have ensured competitiveness, enhanced transparency, expanded digitization, greater innovation and more policy stability.
- India, as a land of opportunities, has about half a billion active internet users in the country now.
- Opportunities in the frontier technologies of 5G, Big Data analytics, Quantum Computing, Block-chain and Internet of Things can be harnessed for human welfare.
Extensive opportunities to invest across sectors
- Best time to expand investment in Indian healthcare sector: As the healthcare sector in India is growing faster than 22% every year and the progress of Indian companies in production of medical-technology, tele-medicine and diagnostics.
- Several other sectors which offer tremendous opportunities to invest are the energy sector; infrastructure creation including building houses, roads, highways and ports; civil aviation, etc.
- India is raising the FDI cap for investment in defence sector to 74%, two defence corridors have been established to encourage production of defense equipment and platforms.
Rising investments in India
- India has witnessed a rise in Ease of Doing Business rankings of the World Bank.
- India is reaching record highs in FDI, as FDI inflows in 2019-20 were $74 billion dollars, which is an increase of 20% over the previous year.
India has what is needed to power the global economic recovery. USA and India as natural partners, can play an important role in helping the world bounce back faster after the pandemic.
Image Source: US Chamber of Commerce
About India Ideas Summit
- Organized by the US India Business Council (USIBC), it is a platform to convene scholars, practitioners, diplomats and think tanks for high-level dialogue on key issues related to India.
- USIBC was formed in 1975 as a business advocacy organization to enlighten and encourage the private sectors of both India and the United States to enhance investment flows.