Prime Minister Narendra Modi
called on the global investors to explore the immense possibilities in ship
building, defense and railway sector, assuring 'ease of doing business' and
predictability of policies and laws.
Speaking at the inauguration of
the multi modal facility of General Electric at Chakan in Pune, Modi said, Ship
building industry can create employment in the coastal states. India has
immense potential in defense sector to export to the third world countries. We
have recently allowed 49 per cent FDI in defense. The railways should also
become self sufficient, upgrade, expand and become driving force of the
economy.
As John Rice, vice chairman, GE
announced to begin work on Phase II of the Chakan plant, Modi said, it will
give strength to the ' Make in India' plans of his government.
Modi said that India's talent pool can attract the best global technologies and also investment. "World was surprised to see how our scientists successfully launched Mangalyaan with less than the budget of a bollywood movie," he said, also citing how his government is trying bring predictability and 'ease of doing business' to attract investments.
"We have brought down the
number of permissions required to start a business from about 70/80 to about
20/25. We are also trying to bring predictability in our systems, laws and
policies," he said.
The Chakan plant is the first
of its kind, multi modal plant of GE anywhere in the world, where the same set
up will be used to manufacture for different verticals like aviation, energy,
health care, oil and gas etc. The company, which has been present in India for
more than a century, has invested about $ 120 in Phase I of the aviation
certified facility and plans to put in another $60 to $70 for phase II.
Of the total production at the
plant, 50 per cent will be exported. " Right now, GE will use the facility
for manufacturing oil and gas exploration equipments, wind, aviation and
locomotives," said Banamali Agrawala, president and CEO, South East Asia,
GE.
Source: economictimes.indiatimes