New Delhi \u2013 Indian Defence Minister Rajnath Singh has invited US companies to invest in India and contribute in realising the dream of \u2018Make in India, Make for the World\u2019 envisioned by Prime Minister Narendra Modi. He was delivering the inaugural address at the 18th India-US Economic Summit, on the theme \u2018Bouncing Back \u2013 Resilient Recovery Path Post COVID-19\u2019, organised by Indo-American Chamber of Commerce through video conferencing on September 15.\n\n\n\nTerming defence sector as an integral part of not just the security but overall growth of the country, Rajnath Singh stated the initiatives taken by the Government have transformed India into a strong and reliable investment destination. \u201cIndia is now home to stable and secure government which focuses on economic growth through series of reforms. He added that robust domestic demand and availability of talented young work force and innovation make India a major investment destination.\u201d Rajnath Singh said.\n\n\n\nThe Union Minister for Defence Rajnath Singh at the 18th India-US Economic Summit organised by the Indo-American Chamber of Commerce, through video conferencing, in New Delhi on September 15, 2021.\n\n\n\nRajnath Singh called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country\u2019s true potential in defence sector. The foreign OEMs can set up manufacturing facilities individually or partner with Indian companies through a JV or technology agreement to capitalise on the \u2018Make in India\u2019 initiative, he added. Rajnath Singh exhorted them to begin the process of Research and Development with the young minds of the country which will increase the linkages among the industries and create an ecosystem through equal contribution from academia and research.\n\n\n\nRajnath Singh emphasised that there is a lot of scope for the American and Indian defence Industries for co-production and co-development, adding that Indian industry can supply components to American Industries. Expressing confidence that American firms will find India as a major investment destination for defence manufacturing, Rajnath Singh assured the Industry that the Government is open for new ideas to create a business-friendly environment in India and is committed to push all types of entrepreneurship and manufacturing in the defence sector.\n\n\n\nThe Union Minister for Defence Rajnath Singh at the 18th India-US Economic Summit organised by the Indo-American Chamber of Commerce, through video conferencing, in New Delhi on September 15, 2021.\n\n\n\nRajnath Singh said the summit is taking place at a time when India is celebrating 75th year of Independence, terming it a platinum opportunity for foreign industries, especially US companies, to contribute in building \u2018Aatmanirbhar Bharat\u2019. \u201cI am sure that the economic and strategic partnership between India & US will act as a spring board and the forum will act as a bridge to achieve this,\u201d he added.\n\n\n\nShedding light on the growing ties between India and US, Rajnath Singh said the Comprehensive Global Strategic Partnership, 2+2 Dialogue, Quad Security Dialogue and agreements like Logistics Exchange Memorandum of Agreement (LEMOA) and Communications Compatibility and Security Agreement (COMCASA) have taken the bilateral relations to greater heights. He, however, emphasised that the relations are yet to receive its full potential, saying that several progressive policies have been put in place in the last two years that have given the defence sector an unexpected growth trajectory.\n\n\n\nThe measures include setting up of Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu; increasing the FDI limit to 74 per cent through automatic route and 100 per cent through Government route under certain circumstances; inclusion of 'Buy and Make' category in Defence Acquisition Procedure-2020 which provides a vendor with an economical workforce and India gets technology and trained manpower; draft Defence Production and Export Promotion Policy (DPEPP-2020) with provisions to incentivise foreign investment and notification of two positive indigenisation lists to increase business collaboration.\n\n\n\nThe Union Minister for Defence Rajnath Singh virtually delivering the inaugural address at the 18th India-US Economic Summit, organised by the Indo-American Chamber of Commerce, in New Delhi on September 15, 2021.\n\n\n\nRajnath Singh highlighted that, despite the COVID-19 situation, the country\u2019s economy is back on track due to the steps taken by the Government. \u201cIndia's GDP has shown a 'V' shaped growth curve in the last two years. Where the growth witnessed a contraction of 24 per cent last year, a jump of 20 per cent has been seen in the first quarter of this year. It is a reflection of the country\u2019s sound economic fundamentals,\u201d Rajnath Singh said.\n\n\n\nRajnath Singh further said, \u201cWe are expecting double digit growth in FY-22 despite the challenge of COVID-19. But, the challenge will be to maintain a healthy growth rate of 7-8 per cent in the years after FY-22. Under the leadership of Prime Minister Shri Narendra Modi, we are preparing for dynamic growth much beyond FY-22.\u201d He added that major structural & procedural reforms in the seven years have prepared India to take a quantum jump in terms of growth. Formulation of progressive & investor friendly tax policies, increased focus on ease of doing business, agriculture and labour reforms are some of the initiatives that have laid the foundation of a \u2018New India\u2019, he stated.\n\n\n\nRajnath Singh also lauded the Indian industry for fulfilling the requirement of masks, PPE kits, ventilators and working with the Government to deal with the pandemic. He added that the Industry is playing a significant role in the world's largest vaccination drive being undertaken in India.\n\n\n\nThe 18th Indo-US Economic Summit has been organised keeping in view the important role India and US can play in the post-COVID-19 economic recovery. Business leaders of India & US attended the event virtually. The summit also comprises sessions on social issues like women empowerment. The IACC is the apex bilateral Chamber that aims to synergise the India-US Economic Engagement.