November 5, 2020
The summit was attended by investors from the Western Hemisphere, Europe, the Middle East as well as Asia.
The agriculture and manufacturing sectors were highlighted for the potential for greater investment.
The modernisation of multiple sectors through technology has been identified as a catalyst for export increase.
India was positioned by PM Modi as the investment destination that provides ‘returns with reliability’
The Virtual Global Investors Roundtable (VGIR) chaired by Prime Minister Modi witnessed the participation of key investor institutions from the Western Hemisphere, Europe, the Middle East as well as Asia, wherein he highlighted India’s key strengths in multiple sectors including agriculture and manufacturing. The Atmanirbhar Bharat schemes introduced by the Ministry of Finance, as highlighted by the Hon’ble Prime Minister will significantly bolster India’s manufacturing prowess. This, complemented by a wave of technological modernisation can transform the nation into an export hub. The Prime Minister attested to India’s resilience during the pandemic and highlighted the nation’s strengths in demography and the sheer diversity of industries. The high scoring of multiple Indian entities on the Environmental, Social, and Governance parameters is yet another facet of an investment economy on its way towards exponential growth. The Prime Minister assured investors that India would serve as a promising investment economy which will fetch them ‘returns with reliability’, with the potential to stabilise the global economic order. Indian entrepreneurs including Ratan Tata, Deepak Parekh, and Nandan Nilekani also added to the Prime Minister’s exhortation to key global investors to invest in a dynamic and vibrant India.
The Indian economy continues to exhibit significant recovery in sectors including automobile, retail and e-commerce, and IT/ITes. The third installment of the ongoing Atmanirbhar Bharat initiative has extended Production Linked Incentives to ten sectors including Food Products, Renewable Energy, Pharmaceuticals, Telecommunication, and Automobile Manufacturing. The Emergency Credit Line Guarantee Scheme which was previously intended for the MSME sector has now been extended to MUDRA borrowers and key business enterprises. Norms have also been eased for the Construction and Real Estate Sector, and a well-integrated Debt Platform for the NBFC ecosystem is also in the works. Industrial and Capital Expenditure are also expected to be boosted through an additional budget outlay of US$ 1.37bn. With EPFO based support and the foreseeable increase in employment through the Atmanirbhar Bharat Rozgar Yojana, India and her multiple sectors of excellence can be expected to resume the journey towards the US$ 5tn economy.