There has never been a better time to invest in India: PM Modi

Published By : Admin | July 22, 2020 | 22:33 IST
Global economic resilience can be achieved by stronger domestic economic capacities: PM
India is contributing towards a prosperous and resilient world through the clarion call of ‘Aatmanirbhar Bharat’: PM
There has never been a better time to invest in India: PM
India is emerging as a land of opportunities: PM
India-US partnership can play an important role in helping the world bounce back faster after the pandemic: PM

Namaste!

Business leaders,

Distinguished guests,

I thank the US-India Business Council for inviting me to address the 'India Ideas Summit'. I also congratulate the USIBC on its forty fifth anniversary this year. Over the past decades, the USIBC has brought Indian and American business closer. USIBC's choice of this year's Ideas Summit -‘Building a Better Future' is also very very relevant.

Friends,

We all agree that the world is in need for a better future. And, it is all of us who have to collectively give shape to the future. I firmly believe that our approach to the future must primarily be a more human- centric one. Our growth agenda must place the poor and vulnerable at the core. ‘Ease of Living’ is as important as ‘Ease of Business’.

Friends,

Recent experience has taught us that the global economy has been too focused on efficiency and optimization. Efficiency is a good thing. But, on the way, we forgot to focus on something equally important. That is resilience against external shocks. It has taken a global pandemic to remind us how important resilience is.

Friends,

Global economic resilience can be achieved by stronger domestic economic capacities. This means improved domestic capacity for manufacturing, restoring the health of the financial system and diversification of international trade.

Friends,

India is contributing towards a prosperous and resilient world through the clarion call of an ‘Atmanirbhar Bharat’. And, for that, we await your partnership!

Friends,

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. Open minds make open markets. Open markets lead to greater prosperity. These are principles on which both India and the USA agree.

Friends,

During the last six years, we have made many efforts to make our economy more open and reform oriented. Reforms have ensured increased ‘Competitiveness’, enhanced ‘Transparency’, expanded ‘Digitization’, greater ‘Innovation’ and more ‘Policy stability’.

Friends,

India is emerging as a land of opportunities. Let me give you one example of the tech sector. Recently, an interesting report came out in India. It said for the first time ever, there are more rural internet users than even urban internet users. Imagine the scale! There are about half a billion active internet users in India now. Half a billion connected people. Does this sound huge to you? Hold your breath. Because, there are over half a billion more people who are being connected. Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things.

Friends,

The options to invest in India are extensive. India invites you to invest in the hard-work of our farmers. India has done historic reforms in the agriculture sector recently. There are investment opportunities in: Agricultural inputs and machinery, Agriculture supply chain management, Ready-to-eat items, Fisheries and Organic produce. India's food processing sector is expected to be worth over half a trillion dollars by 2025. To grow more streams of revenue, the best time to tap investment opportunities in Indian agriculture sector is now!

India invites you to invest in healthcare. The Healthcare sector in India is growing faster than 22 percent every year. Our companies are also progressing in production of medical-technology, tele-medicine and diagnostics. India and the US have already built a robust partnership in the Pharma sector. To achieve scale and speed, now is the best time to expand your investment in Indian health-care sector!

India invites you to invest in energy. As India evolves into a gas-based economy, there will be big investment opportunities for US companies. There are also big opportunities in the clean energy sector. To generate more power for your investment, this is the best time to enter the Indian power sector!

India invites you to invest in infrastructure. Our nation is witnessing the largest infrastructure creation drive in our history. Come, be a partner in building housing for millions, or building roads, highways and ports in our nation.

Civil Aviation is another area of great potential growth. The number of Air passengers are expected to more than double within next 8 years. The top private Indian airlines plan to include over a thousand new aircraft over the coming decade. This is a huge opportunity for any investor who chooses to set up manufacturing facilities in India, which can become a base for supplying regional markets. A similar case is obvious for setting up Maintenance Repair and Operations facilities. To give flight to your aviation targets, this is an ideal time to invest in the Indian aviation sector.

India invites you to invest in defense and space. We are raising the FDI cap for investment in defense sector to 74 percent. India has established two defense corridors to encourage production of defense equipment and platforms. We offer special incentives for private and foreign investors. A few weeks ago, we cleared path-breaking reforms in the space sector. Come, be a part of these upcoming sectors.

India invites you to invest in finance and insurance. India has raised FDI cap for investment in insurance to 49 percent. Now 100 percent FDI is permitted for investment in insurance intermediaries. The insurance market in India is growing at a rate of more than 12 percent and is expected to grow to 250 billion dollars by 2025. With the success of Ayushman Bharat, our health assurance scheme, PM Fasal Bima Yojna, our crop insurance scheme and Jan Suraksha or social security schemes, the government has laid the ground for quick adoption and acceptance of insurance products. There are large untapped opportunities for increasing insurance cover in health, agriculture, business and life insurance. To generate long term and assured revenues, the Indian insurance sector is one of the best investment options right now!

I have given you a few options and that too without any consultancy fees.

Friends,

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. Particularly the Ease of Doing Business ratings of the World Bank.

Investment is the best show of confidence. Every year, we are reaching record highs in FDI. Each year is significantly higher than the earlier one. FDI inflows in India in 2019-20 were 74 billion dollars. This is an increase of 20 percent from the year before that. Friends in USIBC inform that ‘pledged investment’ from the US has already crossed 40 billion dollars this year! Also see what has happened even during the ongoing pandemic. In the middle of COVID, India has attracted foreign investment of more than 20 billion dollars between April and July 2020!

But, India offers many more opportunities. We have what is needed to power the global economic recovery.

Friends,

The rise of India means: a rise in trade opportunities with a nation that you can trust, a rise in global integration with increasing openness, a rise in your competitiveness with access to a market which offers scale. And a rise your returns on investment with the availability of skilled human resources.

Friends,

For this vision, there are few better partners than the United States of America. India and the USA are two vibrant democracies with shared values. We are natural partners. The US-India friendship has scaled many heights in the past. Now it is time our partnership plays an important role in helping the world bounce back faster after the pandemic. American investors often look out for the perfect timing to enter a sector or a country. To them, I would like to say: there has never been a better time to invest in India!

I once again thank the USIBC leadership for their commitment to advancing India-US economic partnership. May the USIBC keep scaling new heights!

May the India-America friendship grow further!

Namaste!

Thank you!

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PM Modi distributes over 65 lakh property cards under SVAMITVA scheme across 10 states and 2 Union Territories
January 18, 2025
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The Prime Minister Shri Narendra Modi distributed over 65 lakh property cards under SVAMITVA Scheme to property owners in over 50000 villages in more than 230 districts across 10 States and 2 Union territories today through video conferencing. Addressing the occasion, he remarked that today was a historic day for the villages and the rural areas of India and greeted all the beneficiaries and the citizens on the occasion.

The Prime Minister remarked that five years ago, the SVAMITVA scheme was launched to ensure that the people residing in the rural areas receive their property cards. He remarked that different states refer to property ownership certificates by various names, such as Gharoni, Adhikar Abhilekh, Property Card, Malmatta Patrak, and Awaasiya Bhumi Patta. “Over 1.5 crore people have been issued SVAMITVA cards in the past 5 years”, said Shri Modi. In today's program, he added that more than 65 lakh families had received these cards. The Prime Minister remarked that under the Svamitva Yojana, around 2.25 crore people in villages have received legal documents for their homes now. He extended his heartfelt congratulations and best wishes to all the beneficiaries.

Remarking that the 21st century presents numerous challenges, including climate change, water scarcity, health crises, and pandemics, the Prime Minister highlighted that another significant challenge the world faces is property rights and the lack of legal property documents. The Prime Minister cited a United Nations study that revealed many people in various countries do not have proper legal documents for their property. He added that the UN emphasized that reducing poverty requires people to have property rights. The Prime Minister mentioned a renowned economist who wrote a book on the challenge of property rights, stating that the small amount of property owned by villagers is often "dead capital." He added that this means that the property cannot be used for transactions, and it does not help increase the family's income. Shri Modi remarked that India was not immune to the global challenge of property rights. He noted that despite having property worth millions of crores, villagers often lacked legal documents, leading to disputes and even illegal occupation by powerful individuals. He added that without legal documents, banks also kept their distance from such properties. The Prime Minister highlighted that previous governments did not take concrete steps to address this issue. He said that in 2014, the Government decided to tackle the challenge of property documentation through the Svamitva Yojana. The Prime Minister emphasized that no sensitive government could leave its villagers in such distress. Elaborating on the Svamitva Yojana, he said it involved mapping houses and lands in villages using drones and providing legal documents for residential properties to villagers. He added that the benefits of this scheme are now visible. Referring to his earlier conversation with beneficiaries of the Svamitva Yojana, who expressed how the scheme has transformed their lives, Shri Modi remarked that they now receive assistance from banks for their properties, and their satisfaction and happiness are evident. The Prime Minister considered this a great blessing.

“India has over 6 lakh villages, with drone surveys completed in nearly half of them”, remarked the Prime Minister. He highlighted that after receiving legal documents, lakhs of people had taken loans from banks based on their property, starting small businesses in their villages. He added that many of these beneficiaries are small and medium farmer families, for whom these property cards have become a significant guarantee of economic security. The Prime Minister noted that Dalit, backward, and tribal families were most affected by illegal occupations and long court disputes. He remarked that with legal certification, they would now be free from this crisis. He mentioned an estimate that once property cards are issued in all villages, it will unlock economic activities worth over 100 lakh crore rupees. The Prime Minister emphasized the substantial capital that will be added to the country's economy.

“Our Government is earnestly working to implement Gram Swaraj on the ground”, exclaimed Shri Modi and highlighted that the Svamitva Yojana had significantly improved village development planning and execution. He remarked that with clear maps and knowledge of populated areas, development work planning will be precise, eliminating wastage and obstacles caused by poor planning. The Prime Minister noted that property rights will resolve disputes over land ownership, such as identifying Panchayat land and grazing areas, thereby empowering Gram Panchayats economically. He emphasized that property cards will enhance disaster management in villages, making it easier to claim compensation during incidents like fires, floods, and landslides.

Noting that land disputes were common for farmers, and obtaining land documents is challenging, often requiring multiple visits to officials and leading to corruption, the Prime Minister said that to reduce these issues, land records were being digitized. He highlighted that Svamitva and Bhu-Aadhaar are foundational systems for village development. He added that Bhu-Aadhaar provides a unique identity to land, with around 23 crore Bhu-Aadhaar numbers issued, making it easy to identify land plots. “Over the past 7-8 years, approximately 98% of land records have been digitized, and most land maps are now digitally available”, added Shri Modi.

Emphasising Mahatma Gandhi’s belief that India's soul resides in its villages, the Prime Minister stressed that the true implementation of this vision had occurred over the past decade. He highlighted that more than 2.5 crore families had received electricity in the last 10 years, mostly in villages, while over 10 crore families had gained access to toilets, and 10 crore women had received gas connections through Ujjwala scheme, with the majority living in villages. He further added that more than 12 crore families had received tap water in the past five years, and over 50 crore people had opened bank accounts, primarily in villages. The Prime Minister noted that more than 1.5 lakh Ayushman Bharat Arogya Mandirs were established, mostly in villages. He emphasized that for decades, millions of villagers, especially Dalit, backward, and tribal families, were deprived of basic amenities and now these families were the primary beneficiaries of these facilities.

Highlighting the unprecedented efforts that were made in the past decade to improve roads in villages, the Prime Minister informed that since the launch of the Pradhan Mantri Gram Sadak Yojana by Atal Ji's government in 2000, approximately 8.25 lakh kilometers of roads was constructed in villages, with nearly half of them built in the last 10 years. The Prime Minister mentioned the Vibrant Village program to enhance connectivity in remote border villages. Emphasising that providing internet in villages has also been a priority, Shri Modi remarked that before 2014, fewer than 100 Panchayats had broadband fiber connections, but in the past 10 years, over 2 lakh Panchayats were connected by broadband internet. He added that the number of Common Service Centers in villages has increased from less than 1 lakh to over 5 lakh in the same period. The Prime Minister noted that these figures represent the delivery of modern amenities and facilities to villages, which were previously only seen in cities. He added that this had not only improved convenience but also boosted economic strength in villages.

Stressing that 2025 had begun with significant decisions for villages and farmers, the Prime Minister highlighted the continuation of the Pradhan Mantri Fasal Bima Yojana, under which farmers had received claims amounting to nearly 2.25 lakh crore rupees. He noted another decision regarding DAP fertilizer, whose prices had risen globally. Shri Modi underscored that the government had allocated thousands of crores to ensure affordable fertilizer for farmers. He added that over the past decade, approximately 12 lakh crore rupees was spent on providing affordable fertilizer to farmers, nearly double the amount spent in the decade before 2014. The Prime Minister emphasized that under the Pradhan Mantri Kisan Samman Nidhi, around 3.5 lakh crore rupees have been transferred to farmers' accounts, demonstrating the Union Government's commitment to farmers' welfare.

“Women's empowerment has been central to every major scheme over the past decade, recognizing their significant role in building a developed India”, emphasised Shri Modi. He highlighted that initiatives like Bank Sakhi and Bima Sakhi had provided new opportunities for women in villages. He added that the Lakhpati Didi Yojana had made over 1.25 crore women lakhpatis. Shri Modi underlined that the Svamitva Yojana had strengthened women's property rights, with many states including wives' names on property cards alongside their husbands. The Prime Minister noted that under the PM Awas Yojana, most houses provided to the poor were registered in women's names. He emphasized the positive coincidence that Svamitva Yojana drones were helping women secure property rights. He added that the mapping work in the Svamitva Yojana was being done by drones, and under the Namo Drone Didi Yojana, village women were becoming drone pilots, assisting in agriculture and earning additional income.

The Prime Minister remarked that the Svamitva Yojana had empowered villagers, potentially transforming rural life in India. He emphasized that as villages and the poor become stronger, the journey towards a developed India will be smoother. The Prime Minister highlighted that steps taken in the past decade for the benefit of villages and the poor had helped 25 crore people overcome poverty. Concluding his address, Shri Modi expressed confidence that schemes like Svamitva will make villages strong centers of development.

The Governors of many states, Lieutenant Governors of Jammu & Kashmir and Ladakh, Chief Ministers of Odisha, Chhattisgarh, Madhya Pradesh, Rajasthan, Uttar Pradesh, Maharashtra and Gujarat, Union Minister of Panchayati Raj and Minister of Fisheries, Animal Husbandry and Dairying, Shri Rajiv Ranjan Singh and many other dignitaries had joined the event through video-conferencing.

Background

SVAMITVA scheme was launched by Prime Minister with a vision to enhance the economic progress of rural India by providing ‘Record of Rights’ to households owning houses in inhabited areas in villages through the latest drone technology for surveying.

The scheme also helps facilitate monetization of properties and enabling institutional credit through bank loans; reducing property-related disputes; facilitating better assessment of properties and property tax in rural areas and enabling comprehensive village-level planning.

Drone survey has been completed in over 3.17 lakh villages, which covers 92% of the targeted villages. So far, nearly 2.25 crore property cards have been prepared for over 1.53 lakh villages.

The scheme has reached full saturation in Puducherry, Andaman & Nicobar Islands, Tripura, Goa, Uttarakhand and Haryana. Drone survey has been completed in the states of Madhya Pradesh, Uttar Pradesh, and Chhattisgarh and also in several Union Territories.