PM Modi pitches Atmanirbhar Bharat at India Ideas Summit

21:41 July 22

PM Modi pitches Atmanirbhar Bharat at India Ideas Summit

Prime Minister Narendra Modi, while addressing the India Ideas Summit hosted by US-India Business Council, said that the nation is contributing towards a prosperous and resilient world through the clarion call of an Atmanirbhar Bharat and the country awaits formidable partnership with the US to achieve the same.

He further invited US investments into key sectors of Indian economy including healthcare, civil aviation, defence and space, finance and insurance and energy.

"India invites you to invest in defence and space. We're raising the FDI cap for investment in the defense sector to 74%. India has established 2 defence corridors to encourage the production of defence equipment & platforms," Modi 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, telemedicine and diagnostics," PM Modi said.  

"India invites you to invite in energy as India evolves into the gas-based economy. There will be big investment opportunities for US companies. There are also opportunities in clean energy. To generate more power for your investment, this is the best time to enter the Indian power sector," PM added.

Modi stressed that India offers a perfect combination of openness, opportunities and technologies. 

20:37 July 22

India has a chance to take global supply chain away from China: US

"India has a chance to check the global supply chain away from China & reduce reliance on Chinese companies in areas like telecom, medical supplies & others. India is in this position because it has earned the trust of many nations including US," said Mike Pompeo, US Secretary of State.

"Important that democracies like ours work together at a time when we see true scope of challenge posed by Chinese Communist Party. Recent clashes initiated by PLA are examples of CCP's unacceptable behaviour. Deeply saddened by deaths of 20 Indian servicemembers," said Pompeo.  

20:36 July 22

1st chapter of QUAD project  

"We've begun some of the work through our discussions in Quad which including India, US, Japan and Australia. We're writing the 1st chapter of what will be a project over next several years and the book that we complete will be critical to future of not just this region but to world," Ken Juster, US Envoy to India said at India Ideas Summit.

"We have really transformed a strategic partnership into a comprehensive global strategic partnership, and as the PM said recently, what may be the most important relationship of the 21st century," said Kenneth Juster.

20:30 July 22

G7 summit: US extends an invitation to PM Modi

We have invited PM Modi to the next G7 Summit, where we will advance the international prosperity network: Mike Pompeo, US Secretary of State at India Ideas Summit.

20:15 July 22

PM Modi pitches Atmanirbhar Bharat at India Ideas Summit

New Delhi: India and the US need to resolve the pending problems in trade relations and move into something bigger, External Affairs Minister S Jaishankar said on Wednesday.

In an online interactive session at the India Ideas Summit, he said the two countries have the ability to shape a larger global agenda.

"I understand the centrality of economic relations. These are bread and butter issues. These are really what make countries deal with each other. But I think, between India and the US, while we work through trade issues, we need to think bigger," he said.

Read:PM Modi to address India Ideas Summit today

He said beyond trade, there is a much bigger connect between India and the US which he called knowledge innovation.

"It is vital that we have a strong convergence on the big picture," he said. Delving into geopolitics, Jaishankar said the US really has to learn to work with a more multipolar world with more plurilateral arrangements.

The virtual summit is being hosted by the US-India Business Council and this year marks the 45th anniversary of the formation of the council.