Current Affairs Brain Booster for UPSC & State PCS Examination (Topic: India Ideas Summit)

Brain Booster for UPSC & State PCS Examination

Current Affairs Brain Booster for UPSC & State PCS Examination

India Ideas Summit

Prime Minister Narendra Modi delivered a keynote address at the virtual India Ideas Summit, hosted by the United States (US)-India Business Council (USIBC) on 22nd July 2020.
The virtual summit, which brought together senior officials from the Government of India and the US to set the post-pandemic economic recovery agenda, PM Modi invited US businesses to invest in various economic sectors of India.
This year marks the 45th anniversary of the formation of the council.

Summit is held at a time when Beijing’s aggressive behaviour has sparked global concern and many countries are considering alternatives away from China.
The theme of this year's India Ideas Summit was 'Building a Better Future'.
Navies from the US, India, Australia, Japan and France have been deepening their mutual cooperation in the Indo-Pacific region in view of China’s growing attempt to expand military influence in the resource-rich region.
USIBC India Ideas Summit saw a high-powered line-up of US-India corridor leaders from across the business, government and society. Union minister of external affairs 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 were some of the key speakers at the event.

During the COVID-19 lockdown, India got 20 billion dollars in investment.
Various reforms have ensured increased ‘Competitiveness', enhanced ‘Transparency', expanded ‘Digitization', greater ‘Innovation' and more ‘Policy stability'.
Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things.
The Healthcare sector in India is growing faster than 22 percent every year. Indian companies are also progressing in production of medical-technology, tele-medicine and diagnostics.
The number of Air passengers are expected to more than double within next 8 years.
India is raising the FDI cap for investment in defense sector to 74 percent.
India has raised foreign direct investment (FDI) cap for investment in insurance to 49 percent. Now 100 percent FDI is permitted for investment in insurance intermediaries.
As India evolves into a gas-based economy, there will be big investment opportunities for US companies.
FDI inflows in India in 2019-20 were 74 billion dollars. This is an increase of 20 percent from the year before that.

US Secretary of State Mike Pompeo described India as one of the few trusted like-minded countries and an important partner and a key pillar of President Donald Trump’s foreign policy. Also a “rising” US defense and security partner in the Indo-Pacific and globally.
US has invited Prime Minister Narendra Modi to the next G7 meeting.
US Air Force research labs have signed a cooperative research and development agreement with an Indian startup to support the development of the air-launched UAV.

The Council aims to create an inclusive bilateral trade environment between India and the US by serving as the voice of industry, linking governments to businesses, and supporting long-term commercial partnerships that will nurture the spirit of entrepreneurship, create jobs, and successfully contribute to the global economy.
USIBC facilitates meetings between members and key policymakers in the US and Indian governments, as well as offering introductions and networking opportunities.
USIBC organizes roundtables and business summits featuring heads of states from India and the US, members of the US Congress, members of the Indian Parliament, and notable influencers in the US-India commercial corridor.