27 July , 2020 Fdiindia
To attract more investors, PM Modi cites India’s high FDI cap in defence, space
Inviting some of the famous global companies to invest in the various sectors of India, namely, defence, space and civil aviation sectors, Prime Minister Narendra Modi said that the country was raising the Foreign Direct Investment cap overall in the defence sector to 74%.
“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.
“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 further explained.
Mentioning about the India’s Ease of Doing Business ratings that is 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 refered to the common avionics space as another region of extraordinary potential. The quantity of air explorers is relied upon to dramatically increase inside the following 8 years in the nation. The top private Indian carriers have plans to incorporate over a thousand new airplane over the coming decade, he included.
The Summit is being facilitated by the US-India Business Council. This year points the 45th commemoration of the arrangement of the Council. The topic during the current year's India Ideas Summit is 'Building a Better Future'.
The virtual Summit will likewise observe investment from Minister of External Affairs Dr S Jaishankar, US Secretary of State Mike Pompeo, previous US Ambassador to the United Nations Nikki Haley, among others.