Prime Minister Narendra Modi delivered the keynote handle to the third management summit of US India Strategic and Partnership Discussion board (USISPF) on Thursday night time by means of video convention. The theme of the summit was ‘Navigating New Challenges’.

This is the total textual content of the prime minister handle:

Distinguished company in India and USA,

Namaste,

It’s great to see US-ISPF convey collectively a various vary of individuals for the US India Summit 2020. The work of the US-ISPF in bringing India and USA nearer is commendable.

I’ve recognized John Chambers for a few years now. His affection in the direction of India could be very sturdy. A couple of years in the past he was awarded the ‘Padma Shri’.

Pals,

The theme for this yr is a related one – Navigating New Challenges. When the yr 2020 started, did anyone think about that is how it could pan out? A world pandemic has impacted everybody. It’s testing:our resilience, our public well being techniques, our financial techniques.

The present scenario calls for a contemporary thoughts set.A thoughts set the place the method to improvement is human centric. The place there’s a spirit of cooperation between everybody.

Pals,

Whereas trying on the manner forward we should always hold our focus on- ramping up our capacities, securing the poor and future proofing our residents. That is the trail India is taking. India was among the many first in making a responsive system of lockdowns. India was among the many first to advocate the usage of masks and face coverings as a public well being measure. We have been additionally among the many earliest to create public consciousness campaigns about social distancing. In report time, medical infrastructure was scaled up- be it Covid hospitals, ICU capacities and extra. Ranging from one testing lab in January, we now have round sixteen hundred labs throughout the nation.

The end result of those efforts has been {that a} nation with 1.three billion individuals and restricted sources has one of many lowest loss of life charges per million on the earth. The restoration fee can be steadily rising. I’m joyful that our enterprise group, particularly small enterprise been pro-active. Ranging from nearly nothing, they made us the second largest PPE kits producer on the earth.

That is in keeping with India’s spirit of difficult the problem to emerge stronger. In the previous couple of months the nation has battled Covid, and different disaster resembling floods, 2-2 cyclones,locust assault.However, it has solely made the individuals’s resolve stronger.

Pals,

By means of your complete COVID-19 interval and the lockdown, the Authorities of India was clear on one thing- the poor should be protected. The ‘Pradhan Mantri Garib Kalyan Yojana’ for India’s poor is among the many largest help system seen anyplace globally. Free meals grainis being supplied to 800 million individuals.This scheme operates for eight months.800 million individuals means:Greater than double of USA’s inhabitants. Free cooking fuel is being supplied to round 80 million households. Money help has been supplied to round 345 million farmers and needy individuals. The scheme has given much-needed employment for migrant staff by creating nearly 200 million person-days of labor.

Pals,

The pandemic has impacted a number of issues. But it surely has not impacted the aspirations and ambitions of 1.three billion Indians. Within the latest months, there have been far-reaching reforms. These are making enterprise simpler and red-tapism lesser. Work is actively underway on the world’s largest housing program. The renewable vitality infrastructure is being expanded.Rail, highway and air connectivity is being boosted. Our nation is creating a singular digital mannequin to construct a nationwide digital well being mission. We’re utilizing one of the best of fin-tech to supply banking, credit score, digital funds and insurance coverage to thousands and thousands. All these initiatives are being taken utilizing world-class expertise and world greatest practices.

Pals,

This pandemic has additionally proven the world that the choice on creating world provide chains ought to be primarily based not solely on prices. They need to even be primarily based on belief. Together with affordability of geography, firms at the moment are additionally searching for reliability and coverage stability. India is the situation which has all of those qualities.

Consequently, India can be turning into one of many main points of interest for international funding. Be it America or the Gulf, be it Europe or Australia-the world believes in us. We’ve got obtained over 20 billion {dollars} of international funding flows throughout this yr. Google, Amazon and Mubadala Investments have introduced long-term plans for India.

Pals,

India gives a clear and predictable tax regime. Our system encourages and helps sincere tax payers. Our GST is a unified, absolutely IT enabled oblique tax system. Insolvency and Chapter Code has diminished danger for your complete monetary system. Our Complete labour reforms will scale back compliance burden for employers. It’ll additionally present social safety safety to the employees.

Pals,

The significance of funding in driving development can’t be overstated. And we’re tackling each demand and provide aspect of it. By making India one of many lowest tax locations on the earth and with additional incentive for brand new manufacturing models.Obligatory e- platform primarily based ‘faceless evaluation’ will go a good distance in serving to residents. So will the Tax-payers constitution. The continued regulatory reforms in bond markets guarantee improved ease of entry for traders. There are tax exemptions to ‘Sovereign Wealth Funds’ and ‘Pension Funds’ for Infrastructure funding. FDI into India rose by 20 % in 2019. This when world FDI inflows fell by 1 %. This reveals the success of our FDI regime. All the above steps will guarantee a brighter and extra affluent tomorrow. They may even contribute to a stronger world economic system.

Pals,

1.three billion Indians have launched into one mission- to make an ‘Aatmanirbhar Bharat’ or self-reliant India. ‘Aatmanirbhar Bharat’ merges the native with the worldwide. It ensures India’s strengths act as a worldwide pressure multiplier. Again and again, India has proven that our objective is world good. Regardless of our massive native wants, we didn’t draw back from our world duty. The duty of being the world’s main producer of generic medicines. We ensured fixed provides to the world. We’re additionally on the fore-front of analysis on the vaccine for Covid-19. A self-reliant and peaceable India ensures a greater world.

‘Aatmanirbhar Bharat’ is about reworking India from being only a passive market to an energetic manufacturing hub on the coronary heart of world worth chains.

Pals,

The highway additional forward is stuffed with alternatives. These alternatives are in the private and non-private sector. They cowl core financial sectors in addition to the social sectors. Current sectors which have opened embrace Coal, Mining, Railways, Defence, Area, and Atomic Vitality.

Manufacturing Linked Incentive schemes have been launched for- cell & electronics, medical units, pharma sectors – they’ve been nicely obtained. Such schemes are being deliberate for different Champion sectors too. Reforms in agriculture advertising and marketing and 14 billion US {Dollars} agriculture financing facility convey a number of alternatives.

Pals,

For challenges in India, you have got a Authorities that believes in delivering outcomes. A authorities for which Ease of dwelling is as necessary because the Ease of doing enterprise. You’re looking at a younger nation with 65 % inhabitants lower than 35 years outdated. You’re looking at an aspirational nation that has determined to take the nation to new heights. This at a time once we mark 75 years of independence. You’re looking at a rustic with political stability and coverage continuity. You’re looking at a rustic with dedication to democracy and variety.

Come, be part of this journey with us.

Thanks.

Thanks very a lot.