The world is looking at India again: Modi | business | Hindustan Times
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The world is looking at India again: Modi

business Updated: Feb 14, 2015 22:08 IST
Yogesh Joshi
Yogesh Joshi
Hindustan Times
Narendra Modi

The government’s initiatives in the past few months has given the Indian economy a boost and put the country back on the global map, Prime Minister Narendra Modi said on Saturday. The PM was in Chakan to inaugurate American engineering giant GE Corporation’s multimodal manufacturing facility.

The world had stopped noticing India, the PM said, while hinting at the period of slow growth under the previous UPA regime. “Earlier, when the world discussed our growth, we would hear the 21st century belongs to India. But of late, the world had turned its attention off. However, after initiatives and decisions of the government in the past few months, the world is once again paying attention to India,” said the PM, adding, “The country is the world’s fastest growing economy, with a GDP growth rate of 7.4 %.”

The PM praised Maharashtra chief minister Devendra Fadnavis’ efforts to make the state business-friendly – in line with his Make in India initiative. Fadnavis had earlier announced reducing the number of permissions needed to set up a business in the state. “Devendra Fadnavis’ initiatives are encouraging other states,” Modi said.

Modi invited GE to manufacture ships and defence equipment and said there are immense opportunities in India.

In the first phase of its operations, GE will manufacture products and solutions for the power sector and the oil, gas and transportation industries. The company also announced its second phase on Saturday, in which it explore manufacturing capabilities for aviation engine components and machining for rail locomotives.

“The Chakan facility will generate 1,500 jobs and support growth of local businesses. The total investment for the facility is around $200 million,” said Banmali Agrawala, chief executive officer, GE.