Implementation is key, say global investors
Investors across the world attended the screening of Prime Minister Narendra Modi’s ‘Make in India’ speech on Thursday, seeking opportunities to invest in the country.business Updated: Sep 26, 2014 00:53 IST
Investors across the world attended the screening of Prime Minister Narendra Modi’s ‘Make in India’ speech on Thursday, seeking opportunities to invest in the country.
More than 150 Chinese companies attended the Beijing screening of Modi’s speech on Thursday, which was organised at five-star hotel in the Chinese capital by the Indian Embassy.
“We hope Indian government introduces preferential policies and guidelines to smoothen the job for Chinese investors,” said Lin Dajian from China’s National Development and Reform Commission, the country’s top planning body. There was a need to improve efficiency in Indian businesses to strive towards economic growth, she added.
Zhao Yan from the China Top 400 Foreign Trade Enterprises Club said the two countries are far from realising the true potential of bilateral trade. “Last year, (Sino-India) trade was $65.4 billion. The China-Malaysia trade is more than $100 billion and trade with South Korea is more than $250 billion.”
Experts in the US and the UK also hailed Modi’s speech.
“This is excellent news, albeit overdue. The need to substantially boost manufacturing to create much needed millions of jobs is crucial. Implementation, though, is key... of an enabling environment” to attract capital, vastly improve ease of doing business, create a favorable eco system for manufacturing and improving education and skills,” said Deepak Lalwani, India director at London-based consultancy firm Lalcap.
“It is a nice rallying cry, but the ‘Make in India’ campaign cannot exist in vacuum. Getting some of the reforms launched will provide a wind at the back of this campaign,” said Rick Rossow, head of India chair at Centre for Strategic and International Studies, a think-tank. “Another aspect, though, is the expansion of global trade networks," he added.
(with inputs from Yashwant Raj in Washington and Prasun Sonwalkar in London)