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 offers a perfect combination of openness, opportunities and options
    • There is a global optimism towards India because it offers a perfect combination of openness, opportunities and options. 
  • Extensive opportunities to invest across sectors
  • Rising investments in India
    • India has witnessed a rise in Ease of Doing Business rankings of the World Bank. 
    • Each year, India is reaching record highs in FDI and FDI inflows in India in 2019-20 were 74 billion dollars, which is an increase of 20% over the previous year.