India is keen to develop sectors where China is strong: PM Modi

Prime Minister Narendra Modi on Saturday said that New Delhi is keen to develop the sectors in which China is strong, adding that the potential of infrastructure-related development in India is enormous.

"We are very keen to develop the sectors where China is strong. We need your involvement. The scope and potential, the breadth and length of infrastructure and related developments is very huge in India," said Prime Minister Modi, while speaking at the India-China Business forum in Shanghai.

"We have planned to build 50 million houses by 2022. In addition, we are going to develop smart cities and mega industrial corridors; we have refined our FDI Policy in construction. We are also coming up with a regulatory framework for this sector; we have targeted 175 gigawatts of renewable energy in next few years. In addition to generation, the issues of transmission and distribution of electricity are equally important for us; we are modernizing our Railway systems including signals, engines and railway stations. We are planning metro rail in fifty cities and high speed trains in various corridors; among others," he added.

The Prime Minister also spoke of the sectors in which he feels India can learn from China, adding that his government has committed itself to improve the business environment in the country.

"We have to learn from you about the development of labour-intensive industries, creating conditions for sustainable foreign direct investment, skill development, infrastructure creation and export-led development model. All this is a historic opportunity for the Chinese companies. You would already be knowing the direction of my government and the steps we are taking. We have committed ourselves for creating and improving the business environment. I can assure you that once you decide to be in India, we are confident to make you more and more comfortable," he said.

"Many Chinese companies have the possibility of investing in India to take advantage of India's potentials. The potential lies in manufacturing, processing as well as in infrastructure," he added.

Earlier in the day, CEOs of a number of Chinese firms pledged their 'full support' to Prime Minister Modi's 'Make in India' initiative.

More than 20 agreements were signed between Indian and Chinese firms.

Prime Minister Narendra Modi is currently in Shanghai, the final leg of his trip to China. In the evening, he is scheduled to depart for Ulan Bator.