Relevance: Prelims: International
Context:
Recently India Ideas Summit has been concluded with the theme ‘Building a Better Future’.
About
- The Summit is being hosted by the US-India Business Council (USIBC) and 2020 marks the 45th anniversary of USIBC.
- USIBC is committed to advance India-US economic partnership.
Key highlights of the summit:
- Building global economic resilience through stronger domestic economic capacities
- Addressing the summit the Prime Minister of India talked about the need to place the poor and the vulnerable at the core of the growth agenda.
- There is the need to understand that ‘Ease of Living’ is as important as ‘Ease of Business’.
- The pandemic has reminded of the importance of resilience of the global economy against external shocks, which can be achieved by stronger domestic economic capacities.
- India offers a perfect combination of openness, opportunities and options
- There is a global optimism towards India because it offers a perfect combination of openness, opportunities and options.
- Extensive opportunities to invest across sectors
- Rising investments in India
- India has witnessed a rise in Ease of Doing Business rankings of the World Bank.
- Each year, India is reaching record highs in FDI and FDI inflows in India in 2019-20 were 74 billion dollars, which is an increase of 20% over the previous year.
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