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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 yearis 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 cooperationbetween 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,locust 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 MantriGaribKalyanYojana’ 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 makingbusiness 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.

Pariksha Pe Charcha with PM Modi
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There is no substitute to testing, tracking and treatment: PM
All necessary measures must be taken to ramp up the availability of hospital beds for Covid patients: PM
Local administrations need to be proactive and sensitive to people’s concerns: PM
PM reviewed the status of supply of Remdesivir and other medicines
Installation of approved medical oxygen plants should be accelerated: PM
Utilize the entire national capacity to ramp up vaccine production: PM

Prime Minister Narendra Modi chaired a meeting to review the status of preparedness to handle the ongoing Covid-19 pandemic. Various aspects relating to medicines, oxygen, ventilators and vaccination were discussed.

The Prime Minister said that together India had defeated Covid last year & India can do it again, with the same principles but faster speed and coordination.

The PM stressed that there is no substitute to testing, tracking and treatment. Early testing and proper tracking remains key to reduce mortality. He also said that local administrations need to be proactive and sensitive to people’s concerns.

The Prime Minister directed that close coordination with States must be ensured in handling the pandemic. He said that all necessary measures must be taken to ramp up the availability of hospital beds for Covid patients. The Prime Minister also directed that additional supply of beds through temporary hospitals and isolation centres should be ensured.

PM spoke about the need to utilize the full potential of India’s pharmaceutical industry to meet the rising demand of various medicines. He reviewed the status of supply of Remdesivir and other medicines. The Prime Minister was briefed on actions taken to address the issue of availability of Remdesivir. Through the efforts of the Government, capacity and production augmentation for manufacturing of Remdesivir has been ramped up to provide around 74.10 lakh vials/month in May while the normal production output in January-February being just 27-29 lakh vials/month. Supplies have also increased from 67,900 vials on 11th April going up to over 2,06,000 vials on 15th April 2021 which are being particularly focused on states with high caseload and high demand. He took note of the ramped up production capacity, and directed that issues relating to real-time supply chain management to States must be resolved urgently in coordination with the States. The Prime Minister directed that use of Remdesivir and other medicines must be in accordance with approved medical guidelines, and that their misuse and black marketing must be strictly curbed.

On the issue of supply of medical oxygen, the Prime Minister directed that the installation of approved medical oxygen plants should be sped up. 162 PSA Oxygen plants are being installed in 32 States/UTs from PM CARES. The officers informed that 1 lakh cylinders are being procured & they will be supplied to states soon. The officers briefed the PM that they are in constant supply with 12 high burden states in assessing the current and future requirement of medical oxygen. A supply mapping plan for 12 high burden states till 30th April has also been undertaken. The Prime Minister also said that supply of oxygen required for production of medicines and equipment necessary to handle the pandemic should also be ensured.

The Prime Minister also reviewed the status of availability & supply of ventilators. The Prime Minister noted that a real time monitoring system has been created, and directed that concerned State governments should be sensitized to use the system proactively.

On the issue of vaccination, the Prime Minister directed all officials to make efforts to utilize the entire national capacity, in public as well as private sector, to ramp up vaccine production.

He was joined by Cabinet Secretary, Principal Secretary to PM, Union Home Secretary, Union Health Secretary, Pharma Secretary. Dr V K Paul, Niti Aayog was also present.