NEW DELHI: Calling for greater US investments in areas such as agriculture, defence, civil aviation, healthcare, energy, infrastructure and finance and insurance, Indian Prime Minister Narendra Modi on Wednesday said there has never been a better time to invest in the country and rise of India will lead to a rise in “trade opportunities with a nation that you can trust”.
Addressing the India Ideas Summit hosted by US-India Business Council, the Prime Minister said that India has what is needed to power the global economic recovery.
He said India is emerging as a land of opportunities. “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,” he said.
“When the markets are open, when the opportunity is high and the options are many, can optimism be far behind. You can see the optimism when India rises in key business ratings, particularly the Ease of Doing Business ratings of the World Bank,” he added.
He said 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,” he said, adding that 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, he said.
“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, tele-medicine and diagnostics,” he said.
Noting that India and the US have already built a robust partnership in the pharma sector, he said “now is the best time to expand your investment in Indian health-care sector” to achieve scale and speed.
Calling for investment in the energy sector he said there will be big investment opportunities for US companies as India evolves into a gas-based economy. “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,” he said.
Referring to infrastructure, he said India is witnessing the largest infrastructure creation drive in its history. “Come, be a partner in building housing for millions, or building roads, highways and ports in our nation.”
The Prime Minister said Civil Aviation is another area of great potential growth. “The number of air passengers is expected to more than double within the next eight years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade. This is a huge opportunity for any investor who chooses to set up manufacturing facilities in India, which can become a base for supplying regional markets,” he said.