'AATMANIRBHAR BHARAT’ MERGES THE LOCAL WITH THE

GLOBAL: PM MODI

Says India is becoming a leading attractions for Foreign

Investment
India received over 20 Billion Dollars of Foreign Investment
this year: PM
India offers affordability of geography, reliability and political
stability: PM
India offers transparent and predictable tax regime;
encourages & supports honest tax payers: PM
India being made one of the lowest tax destinations in the
World with further incentive for new manufacturing units: PM
There have been far reaching reforms in recent times which
have made the business easier and red-tapism lesser: PM
India is full of opportunities both public & private sector: PM
Distinguished guests in India and USA,
Namaste,
It is wonderful to see US-ISPF bring together a diverse
range of people for the US India Summit 2020. The work
ofthe US-ISPF in bringing India and USA closer is
commendable.
I have known John Chambers for many years now. His
affection towards India is very strong. A few years ago he
was awarded the ‘Padma Shri’.
Friends,
The theme for this year is a relevant one - Navigating New
Challenges. When the year 2020 began, did anybody
imagine this is how it would pan out? A global pandemic
has impacted everyone. It is testing: our resilience, our
public health systems, our economic systems.
The current situation demands a fresh mind set.A mind
set where the approach to development is human centric.
Where there isa spirit of cooperation between everyone.
Friends,
While looking at the way ahead we should keep our focus on-
ramping up our capacities, securing the poor and future
proofing our citizens. This is the path India is taking. India was
among the first in creating a responsive system of lockdowns.
India was among the first to advocate the use of masks and
face coverings as a public health measure. We were also
among the earliest to create public awareness campaigns
about social distancing. In record time, medical infrastructure
was scaled up- be it Covid hospitals, ICU capacities and more.
Starting from one testing lab in January, we now have around
sixteen hundred labs across the country.
The outcome of these efforts has been that a country with 1.3
billion people and limited resources has one of the lowest
death rates per million in the world. The recovery rate is also
steadily rising. I am happy that our business community, in
particular small business been pro-active. Starting from
almost nothing, they made us the second largest PPE kits
manufacturer in the world.
This is in line with India's spirit of challenging the challenge
to emerge stronger. In the last few months the nation has
battled Covid, and other crisis such as floods, 2-2 cyclones,
l ocust attack. But, it has only made the people's resolve
stronger.
Friends,
Through the entire COVID-19 period and the lockdown, the
Government of India was clear on one thing- the poor have
to be protected. The ‘Pradhan Mantri Garib Kalyan Yojana’
for India's poor is among the largest support system seen
anywhere globally. Free food grainis being provided to 800
million people. This scheme operates for 8 months. 800
million people means: More than double of USA's
population. Free cooking gas is being provided to around 80
million families. Cash support has been provided to around
345 million farmers and needy people. The scheme has
given much-needed employment for migrant workers by
creating almost 200 million person-days of work.
Friends,
The pandemic has impacted several things. But it has not
impacted the aspirations and ambitions of 1.3 billion
Indians. In the recent months, there have been far-reaching
reforms. These are making business easier and red-tapism
lesser. Work is actively underway on the world's largest
housing program. The renewable energy infrastructure is
being expanded. Rail, road and air connectivity is being
boosted. Our country is creating a unique digital model to
build a national digital health mission. We are using the
best of fin-tech to provide banking, credit, digital payments
and insurance to millions. All these initiatives are being
taken using world-class technology and global best
practices.
Friends,
This pandemic has also shown the world that the decision
on developing global supply chains should be based not
only on costs. They should also be based on trust.
Along with affordability of geography, companies are now
also looking for reliability and policy stability. India is the
location which has all of these qualities.
As a result, India is also becoming one of the leading
attractions for foreign investment. Be it America or the
Gulf, be it Europe or Australia-the world believes in us. We
have received over 20 billion dollars of foreign investment
flows during this year. Google, Amazon and Mubadala
Investments have announced long-term plans for India.
Friends,
India offers a transparent and predictable tax regime. Our
system encourages and supports honest tax payers. Our
GST is a unified, fully IT enabled indirect tax system.
Insolvency and Bankruptcy Code has reduced risk for the
entire financial system. Our Comprehensive labour
reforms will reduce compliance burden for employers. It
will also provide social security protection to the workers.
Friends,
The importance of investment in driving growth cannot be
overstated. And we are tackling both demand and supply
side of it. By making India one of the lowest tax
destinations in the world and with further incentive for
new manufacturing units.Mandatory e- platform based
‘faceless assessment’ will go a long way in helping
citizens. So will the Tax-payers charter. The continued
regulatory reforms in bond markets ensure improved ease
of access for investors. There are tax exemptions to
‘Sovereign Wealth Funds’ and ‘Pension Funds’ for
Infrastructure investment.FDI into India rose by 20
percent in 2019. This when global FDI inflows fell by 1
percent. This shows the success of our FDI regime. All of
the above steps will ensure a brighter and more
prosperous tomorrow. They will also contribute to a
stronger global economy.
Friends,
1.3 billion Indians have embarked on one mission- to
make an ‘Aatmanirbhar Bharat’ or self-reliant India.
‘Aatmanirbhar Bharat’ merges the local with the global. It
ensures India's strengths act as a global force multiplier.
Time and again, India has shown that our goal is global
good. Despite our large local needs, we did not shy away
from our global responsibility. The responsibility of being
the world's leading producer of generic medicines. We
ensured constant supplies to the world. We are also at
the fore-front of research on the vaccine for Covid-19. A
self-reliant and peaceful India ensures a better world.
‘Aatmanirbhar Bharat’ is about transforming India from
being just a passive market to an active manufacturing
hub at the heart of global value chains.
Friends,
The road further ahead is full of opportunities. These
opportunities are in the public and private sector. They
cover core economic sectors as well as the social sectors.
Recent sectors that have opened include Coal, Mining,
Railways, Defence, Space, and Atomic Energy.
Production Linked Incentive schemes have been
launched for- mobile & electronics, medical devices,
pharma sectors - they have been well received. Such
schemes are being planned for other Champion sectors
too. Reforms in agriculture marketing and 14 billion US
Dollars agriculture financing facility bring several
opportunities.
Friends,
For challenges in India, you have a Government that
believes in delivering results. A government for which
Ease of living is as important as the Ease of doing
business. You are looking at a young country with 65
percent population less than 35 years old. You are
looking at an aspirational country that has decided to
take the nation to new heights. This at a time when we
mark 75 years of independence. You are looking at a
country with political stability and policy continuity. You
are looking at a country with commitment to democracy
and diversity.
Come, be a part of this journey with us.
Thank you.
Thank you very much.