‘Openness, Options’: PM Seeks US Investments in Health, Defence

Modi delivered the keynote address at the India Ideas Summit hosted by the US-India Business Council.

Updated
India
2 min read
PM Modi addresses India Ideas Summit.
i

India offers the perfect combination of openness, opportunities and options, Prime Minister Narendra Modi said on Wednesday, 22 July, as he called for US investments in areas such as healthcare, energy, infrastructure, civil aviation, defence and space.

Addressing the India Ideas Summit hosted by the US-India Business Council, Modi said the growth agenda must place the poor and vulnerable at the core, calling for the approach to the future to be a more human-centric one.

“India invites you to invest in defence and space. We’re raising the FDI cap for investment in defence sector to 74 percent. India has established two defence corridors to encourage production of defence equipment and platforms.”
PM Modi, as quoted by ANI

India Contributing to Resilient World With ‘Atmanirbhar Bharat’: PM

On healthcare, Modi said that the sector in the country is growing faster than 22 percent every year. "Our companies are also progressing in production of medical-technology, telemedicine and diagnostics," he added, while making an investment pitch.

Pointing out that India attracted foreign investment of over $20 billion during COVID times, Modi said that the time is ripe for the US-India partnership to play a role in helping the world bounce back after the pandemic.

He further said that India is contributing towards a prosperous and resilient world through the clarion call of an 'Atmanirbhar Bharat'.

“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 digitisation, greater innovation and more policy stability.”
PM Modi, as quoted by ANI

Pompeo Brings Up Galwan Valley Incident at Summit

Earlier, US Secretary of State Mike Pompeo expressed condolences over the killing of 20 Indian soldiers in Galwan Valley, while speaking at the summit.

“We were deeply saddened by the death of the 20 Indian service members. I’m confident that with our concerted efforts we can protect our interests.”

He also commended India’s decision to ban 59 Chinese mobile apps.

Pompeo also reportedly said America will consider reducing its own dependence on China for medicines, among other things, and that the US has always been supportive of India’s security.

India’s EAM on India-US Ties

Speaking about India-US relations at the same virtual summit, External Affairs Minister S Jaishankar, according to PTI, said that India and US need to think bigger.

“I think between India and US, while we work through trade issues, we need to think bigger.”
S Jaishankar

"Last few years have been dominated by your complaints and our complaints," said EAM S Jaishankar, according to News18.

“But we have a convergence on the big picture.”
S Jaishankar

(With inputs from PTI, News18)

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