Dr. Syama Prasad Mookerjee Research Foundation

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PM’s address at India Ideas Summit 2020

  • Namaste! Business leaders, Distinguished guests, I thank the US-India Business Council for inviting me to address the ‘India Ideas Summit’. I also congratulate the USIBC on its forty fifth anniversary this year.
  • Over the past decades, the USIBC has brought Indian and American business closer. USIBC’s choice of this year’s Ideas Summit -‘Building a Better Future’ is also very very relevant.
  • Friends, We all agree that the 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 the future must primarily be a more human- centric one. Our growth agenda must place the poor and vulnerable at the core. ‘Ease of Living’ is as important as ‘Ease of Business’.
  • Friends, Recent experience has taught us that the global economy has been too focused on efficiency and optimization. Efficiency is a good thing. But, on the way, we forgot to focus on something equally important.
  • That is resilience against external shocks. It has taken a global pandemic to remind us how important resilience is.
  • Friends, 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.
  • Friends, India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’. And, for that, we await your partnership!
  • Friends, Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities and options.
  • Let me elaborate. 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.
  • Friends, 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’.
  • Friends, 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.
  • Imagine the scale! There are about half a billion active internet users in India now. Half a billion connected people. Does this sound huge to you? Hold your breath. Because, there are over half a billion more people who are being connected.
  • Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things.
  • Friends, The options to invest in India are extensive. India invites you to invest in the hard-work of our farmers. India has done historic reforms in the agriculture sector recently.
  • There are investment opportunities in: Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries and Organic produce. India’s food processing sector is expected to be worth over half a trillion dollars by 2025.
  • To grow more streams of revenue, the best time to tap investment opportunities in Indian agriculture sector is now! India invites you to invest in healthcare.
  • The Healthcare sector in India is growing faster than 22 percent every year. Our companies are also progressing in production of medical-technology, tele-medicine and diagnostics.
  • India and the US have already built a robust partnership in the Pharma sector. To achieve scale and speed, now is the best time to expand your investment in Indian health-care sector!
  • India invites you to invest in energy. As India evolves into a gas-based economy, there will be big investment opportunities for US companies. There are also big opportunities in the clean energy sector. To generate more power for your investment, this is the best time to enter the Indian power sector!

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