Prime Minister Narendra Modi made a four-day visit to the US on September 22 through 25. During this time, PM Modi addressed the 76th session of the UN Security Council, attended the first in-person Quad summit hosted by US President Joe Biden, and included attended by Australian Prime Minister Scott Morrison and Japanese premier Yoshihide Suga. Prime Minister Modi’s visit was an opportunity for several organizations to strengthen and establish their bonds in the US.
One such organization is Invest India – an agency for the promotion and facilitation of investments in India. Raja Singh Khurana, Head of Investment Secretariat and Priya Rawat, Vice President were part of Prime Minister Modi’s delegation. They visited Silicon Valley and spread the message of Invest India and also have the opportunity to interact with leaders, entrepreneurs, and professionals in the Bay Area.
They were hosted at FalconX (incubator in Milpitas founded by successful entrepreneurs and venture capitalists).
They presented a very positive outlook not only for the Indian economy but also for the investment opportunities in India. They backed up this optimism with data:
- The Indian economy is expected to be among the top 3 in the world by 2030 – with a nominal GDP of $8 to $9 trillion dollars. It was grown > 700% since 1995!
- India is seeing a 45% Y-o-Y growth (as of August 2021) in merchandise exports – totaling $33.14 billion dollars. This includes engineering goods, petroleum products, agricultural & allied products, organic and inorganic chemicals, drugs and pharmaceuticals, electronic goods, cotton yarn/fabric/made-up and plastic and linoleum.
- India is the 5th largest recipient of Foreign Direct Investment (FDI) – after USA, China, Hong Kong and Singapore. Among these the Y-o-Y growth is the highest for India.
- India is the 3rd largest recipient of Foreign Portfolio Investment (FPI) among major emerging market economies – after China and Brazil.
- India is the 2nd largest recipient of VC funding in the APAC region – of $16.9 billion
- India has the 3rd largest number of unicorns – at 63. These are valued at $218 billion. In fact, 26 of these unicorns were added in 2021 alone
- Out of the 742 districts in India, 628 districts have at least one startup.
- Looking at Economic and Business activity across various indicators, there is phenomenal growth across all sectors
On top of the positive outlook on the Indian economy, the Government has passed some key reforms to aid in the Ease of Doing Business (EODB):
The Invest India team offers multi-faceted activities including detailed India entry strategies, handholding throughout the process, investment aftercare. They serve as the investors’ pro bono guide to developing the best possible India strategy for the investor. They work with every department within the Government of India and offer their expertise in providing advice and assistance.
The Invest India team definitely got to meet with a cross-section of entrepreneurs and investors during their visit to FalconX on September 28. You can engage with the Invest India team through their website: https://www.investindia.gov.in/