PM rolls out red carpet for investors; assures stable policies

Rolling out the red carpet for global investors, Prime Minister Narendra Modi today made a strong pitch for the ambitious 'Make in India' campaign and assured a predictable policy regime for business.

Speaking at the inauguration of a GE facility here, PM Modi said, "India is the fastest growing economy in the world with a GDP growth rate of 7.4%."

"I assure you that in the field of development and giving employment, there are a lot of opportunities here in India."

Modi said his government's effort is to make policies predictable to attract investments as he believes that good governance is a guarantee for development.

PM also invited US-based GE and other global firms to invest in the defence sector as the government has increased the FDI or foreign direct investment threshold in the sector to 49%.

We want to move further ahead in manufacturing sector, he said, while inaugurating the Multi-modal Manufacturing Project of GE at Chakan, Pune.

"The opportunities for manufacturing in India are immense. We are blessed with demographic dividend," Modi said.

"We want Railways sector in India to develop, get more technology, give speed and make it the driving force of our economy, he added."

GE Corporation's first multi-modal integrated manufacturing site will export 50% of its output to other GE sites around the world and generate around 1,500 direct and indirect jobs. 

In the first phase of operations, the facility named 'Brilliant Factory' at Chakan near here, will manufacture products and solutions for power sector, oil & gas and transportation industries, the company said. 

In Phase II, the facility will include manufacturing capability for new generation aviation engine components and machining and sub-assembly for the latest rail locomotives and diesel engines.