Home Headlines India To attract more investors, PM Modi cites India’s high FDI cap in...

To attract more investors, PM Modi cites India’s high FDI cap in defence, space – india news


Inviting global companies to invest in India’s defence, space and civil aviation sectors, Prime Minister Narendra Modi on Wednesday said that the country was raising the Foreign Direct Investment cap in the defence sector to 74% and also mentioned the two defence corridors set up to encourage production of defence equipment.

“India invites you to invest in defence and space. We’re raising the FDI cap for investment in defence sector to 74%. India has established two defence corridors to encourage production of defence equipment and platforms,” PM Modi said at the India Ideas Summit hosted by the US-India Business Council. He was delivering the keynote address at the virtual summit.

He particularly invited US companies to invest in India’s healthcare, infrastructure, defence, energy, civil aviation and insurance sectors, saying the country offers openness, opportunities and myriad options for investments.

ALSO READ | Global economic resilience can be met by stronger domestic capacities: PM Modi

“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,” he explained.

Mentioning India’s Ease of Doing Business ratings awarded by the World Bank, the Prime Minister 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.”

The Prime Minister cited the civil aviation space as another area of great potential. The number of air travellers is expected to more than double within the next 8 years in the country. The top private Indian airlines have plans to include over a thousand new aircraft over the coming decade, he added.

ALSO READ | Never been a better time to invest in India, PM Modi tells Americans

The Summit is being hosted by the US-India Business Council. This year marks the 45th anniversary of the formation of the Council. The theme for this year’s India Ideas Summit is ‘Building a Better Future’.

The virtual Summit will also see participation from Minister of External Affairs Dr S Jaishankar, US Secretary of State Mike Pompeo, former US Ambassador to the United Nations Nikki Haley, among others.

Stay tune

110FansLike
400FollowersFollow

Most Popular

US helps India, China protests; Decision within the US Congress

The USA has lauded India's aggression in opposition to China within the wake of the Line of Management (LoC) battle in Ladakh.

In 24 hours, 1,007 individuals died and 64,553 new circumstances had...

The variety of coronary coronary heart illness sufferers within the nation is growing quickly. Greater than 60,000 coronary coronary heart illness sufferers...

Terrorist assault in Jammu and Kashmir, two policemen martyred; Search operation...

A police convoy has been attacked in Jammu and Kashmir. The assault happened within the Naugaon sector of Srinagar. Two policemen have...

Prashant Bhushan convicted of contempt of Supreme Courtroom, sentenced on August...

Senior lawyer Prashant Bhushan has been convicted by the Supreme Courtroom of contempt of courtroom. A photograph of Chief Justice Sharad Bobade...

Nishan-e-Pakistan award for separatist chief Syed Ali Shah Geelani in Jammu...

Former Hurriyat and separatist chief Syed Ali Shah Geelani has been honored by Pakistan on its Independence Day. On Friday, August 14,...

6 members of Mirza’s household together with BJP MLA contracted coronary...

Incumbent BJP MLA from Sangli-Miraj assembly constituency and former social justice minister Suresh Khade has contracted coronary heart disease.

One jawan martyred, one injured in Naxal firing in Gadchiroli

Gadchiroli: One policeman was killed and one other injured when Naxals opened fireplace on two jawans who had been on their option...

Swami was livid over the Air India sale supply to the...

Stated "If the deal goes forward, I'll file a felony criticism towards bigwigs within the authorities."