India Ideas Summit 2020 Latest Updates: Addressing the India Ideas Summit 2020, Prime Minister Narendra Modi on Wednesday said his country attracted foreign investment of over USD 20 bn during the coronavirus time.Also Read - 4 Reasons Why Tourism is The Next Growth Engine For India, TAAI President Jyoti Mayal Explains

“We’re reaching record highs in FDI every year. Each year is significantly higher than the earlier one. The FDI inflows in India in 2019-20 were USD 74 billion. This is an increase of 20% from the year before that. India attracted over USD 20 billion foreign investment between April and July,” he said. Also Read - Budget Glossary 2022: Key Economic Terms Decoded to Understand FM Nirmala Sitharaman's Speech

While delivering the keynote address at the India Ideas Summit 2020, PM Modi invited American investors to invest in India, saying his country has now emerged as a land of opportunities. Also Read - Identify 10 Tasks to be Completed in Next 3 Months, Work on Time-bound Targets to Increase People's Ease of Living: PM Modi to DMs

He invited the US to invest in defence, space and other sectors such as healthcare, energy, infrastructure and civil aviation. He said the US-India friendship has scaled many heights in past and it is the right time for partnership to play key role in helping the world bounce back to normalcy after the pandemic.

He further noted that the rise of India means rise in trade opportunities with a nation that one can trust. He added that India and US are natural partners. He said that India offers a perfect combination of openness, opportunities and options.

“India invites you to invite in energy as India evolves into gas-based economy. There will be big investment opportunities for US companies. There’re also opportunities in clean energy. To generate more power for your investment, this is best time to enter Indian power sector,” he added.

The virtual summit is being hosted by the US-India Business Council and this year marks the 45th anniversary of the formation of the council.

The theme for this year’s India Ideas Summit is ‘Building a Better Future’, a statement from the Prime Minister’s Office said on Tuesday.

Other key speakers at the summit include External Affairs Minister S Jaishankar, US Secretary of State Mike Pompeo, Senator of Virginia and co-chair of Senate India Caucus Mark Warner, former US ambassador to the United Nations Nikki Haley, among others.