India's defence, aviation industries may attract more dollars
The government will strongly pitch its signature ‘Make in India’ initiative that promises to remove bureaucratic sloth, ease procedures and the turn the country into a manufacturing powerhouse.business Updated: Dec 23, 2014 05:38 IST
In 2010, US President Barack Obama arrived in India with the largest delegation that included the who’s who of American business to any country.
Five years later, the Narendra Modi-led government is preparing to reset business relationship between the world’s two largest democracies by hard-selling the India story during Obama’s second visit to the country next month.
Top government sources told HT that India is seeking to regain the lost ground as a global hotspot and investors’ darling, particularly among US companies.
The government will strongly pitch its signature ‘Make in India’ initiative that promises to remove bureaucratic sloth, ease procedures and the turn the country into a manufacturing powerhouse.
A special ‘Make in India’ tableau will be put on display during the Republic Day parade where Obama will be the chief guest.
“The Prime Minister’s Office (PMO) has asked for detail presentations from ministries on investment opportunities for the US,” an official said, requesting anonymity.
India sees the Obama visit coming at a very opportune time for the US due to various geo-political developments, which India wants to en-cash on, the official said, adding “Russia, Europe, Japan are not in a good economic health, which is why India is a very good investment partner for the US right now.
“The Trade and Economic Relations Committee under the PMO is pushing for an early resolution of the long-pending immigration law and visa fees issue,” the official added.
On the trade side, the four wor­king groups that are in place on agriculture, intellectual property rights, manufacturing and services, are expected to have a greater dialogue during Obama’s visit.
“According to the talks which India has already initiated with the US, developments on advanced manufacturing and services will find maximum traction during the high power visit,” the official added.
US firms are likely to announce investments especially in sectors including manufacturing, defence, aviation etc, another official in the industry ministry confirmed without divulging details.
Besides, companies such as Lockheed Martin have shown interest in investing in defence manufacturing, sources said.