This is the moment to invest in India: PM Modi to US investors

Prime Minister Modi said that, in the last three days of his state visit to the United States, several historic steps have been taken to strengthen bilateral ties.

This is the moment to invest in India: PM Modi to US investors

Saturday June 24, 2023,

5 min Read

In a strong pitch to entrepreneurs in the United States, Prime Minister Narendra Modi said this is the moment to invest in India as governments of both countries have done the groundwork for businesses and companies to take advantage of the opportunity to "play and prosper".

Addressing business leaders and philanthropists from India and the United States, as well as other prominent members of the Indian-American community, at the Kennedy Centre here on Friday, the prime minister stressed that the India-US partnership is not of convenience but one of conviction, shared commitments, and compassion.

Highlighting the profound transformation currently underway in India and the strides being made in various sectors, the prime minister invited professionals to forge partnerships with India.

"In Washington DC, had an engaging interaction with leading professionals across various fields. Glad that @SecBlinken also joined the programme. Highlighted the vast opportunities India offers. Reiterated how this is THE moment to invest in India's growth story," Modi tweeted.

Modi said that, in the last three days of his state visit to the US, several historic steps have been taken to strengthen bilateral ties.

From defence, aviation and space to applied materials, manufacturing, and IT, India and the US are now moving forward as most reliable partners in several sectors, said Prime Minister Modi, at the event organised by the US-India Strategic Partnership Forum.

The event was attended by around 1,000 leading professionals hailing from diverse fields, according to the Ministry of External Affairs.

Every development project of India has the capacity to strengthen the American dream, Modi said, adding that India was investing a record $125 billion in infrastructure development.

In India's growth story, there are unlimited opportunities for America and for the country's corporate community, he said.

Modi urged the business community to step forward and take full advantage of the opportunities.

"For you, it is the time to take the first and fast mover advantage," the Indian prime minister said, amid a round of applause from the audience.

Modi said, in the past three days, he and US President Joe Biden had spent a lot of time discussing several historic issues.

In their meetings, the two leaders had discussions over the future of India-US relations and decided to follow a clear strategy going ahead.

The India-US technological handshake meeting in the White House sent a message to companies, businesses, manufacturers, and innovators that "this is the moment", he said.

"The governments of India and the US have done the groundwork for you. Now you have the responsibility to play and prosper on this ground. The one who plays will prosper," Modi said.

Whenever India has become strong, the world has benefitted, the prime minister of India asserted. This was seen during the Covid-19 pandemic; when the world needed medicines, India increased its production and provided medicines, he added.

He also said the basis of India's success and its development's biggest driving force is the aspiration of its people.

In the last two to two-and-a-half years, US companies have invested more than $16 billion in India, Modi noted.

India is the world's youngest nation and has the world's biggest youth talent pool and skilled and professional force, the prime minister said and asserted that whichever country joins India at this time, it is bound to benefit.

"We are keeping the fiscal deficit in check and continuously increasing our capex. Our export is increasing, our forex is increasing, and new records are being created in FDI," Modi said.

The event was also addressed by the US Secretary of State Antony Blinken, US-India Strategic Partnership Forum President and CEO Mukesh Aghi, and Chairman Emeritus at Cisco and Founder of JC2 Ventures John Chambers.

Blinken said President Biden often likes to say that America can be defined by a single word: possibilities.

These past few days have underscored how that spirit of possibility defines the US-India relationship, he said.

"Our governments will continue to do our part. But I'm asking all of you in this room to continue to do yours. Forge new ventures and partnerships, invent game-changing products and services, create unimagined opportunities, visit friends and family in India, and host them here in the United States.

"Continue to be that engine powering our progress. If we do all that, I truly believe that the US and India will shape together a more peaceful, more prosperous, and a more connected future," he said.

The US Secretary of State said that half a century or 100 years ago the answer to the question of what constitutes the wealth of a nation would probably have been the size of its landmass, its population, the strength of its military, and its abundance of raw materials.

"All those things remain important. But I think what the United States and India recognise together is that in this 21st century, the true wealth of our nation is our people and our ability to maximise their potential is what sets us apart," Bliken said.

Edited by Swetha Kannan