India attracted $20 billion foreign investment during pandemic: Modi

India attracted 20 billion US dollars of foreign investment in the midst of coronavirus pandemic, between April and July, Indian Prime Minister Narendra Modi has said.

Addressing the US-India Business Council (USIBC) meeting through video conference last evening, he said since "investment is the best show of confidence, we are reaching record highs in foreign direct investment (FDI) every year."

FDI inflows in India in 2019-20 were 74 billion dollars, an increase of 20 percent from the year before that, reports our New Delhi correspondent quoting Modi as saying.

"Friends in USIBC inform that 'pledged investment' from the US has already crossed 40 billion dollars this year," added the Indian prime minister.

"Also see what has happened even during the ongoing pandemic. In the middle of Covid, India has attracted foreign investment of more than 20 billion dollars between April and July 2020," he said.

Modi said there is global optimism towards India which offers "a perfect combination of openness, opportunities and options."

"India celebrates openness in people and in governance. Open minds make open markets. Open markets lead to greater prosperity. These are principles on which both India and the USA agree," he also said.

According to Modi, his government has in the last six years made efforts to make the Indian economy more open and reform-oriented.

Reforms have ensured increased competitiveness, enhanced transparency, expanded digitisation, greater innovation and more policy stability, he said.

"India is emerging as a land of opportunities," Modi said pointing to the technology sector in the country.

Quoting a recent report in India, he said that for the first time ever, there are more rural internet users than urban internet users.

"There are about half a billion active internet users in India now. Half a billion connected people. Does this sound huge to you? Hold your breath. Because, there are over half a billion more people who are being connected," he pointed out.

"Opportunities in technology also include opportunities in the frontier technologies of 5G, big data analytics, quantum computing, block-chain and internet of things," the PM said.