India keen to develop sectors where China is strong: PM

Most of the international financial institutions including the World Bank, IMF, OECD and others are predicting even faster growth and even better in the coming years for India, says Prime Minister, Narendra Modi.

 The Dollar Business Bureau Manufacturing 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. The above statement was made by Prime Minister, Narendra Modi while speaking at the India-China Business Forum on Saturday, said a PIB release. Stating that his government is keen to develop the above sectors where China is strong, Modi called for China’s involvement in tapping the scope and potential of the infrastructure and related developments in India. Modi went on to add that his government’s initial measures have helped in building up an enhanced investor confidence. The sentiments for private investment and inflow of foreign investment are positive. FDI inflows have gone up by 39% during April-2014 and February-2015 against the same period in previous year. Modi said, “Our growth rate is above 7%. Most of the international financial institutions including the World Bank, IMF, OECD and others are predicting even faster growth and even better in the coming years. MOODY’s have recently upgraded the rating of India as positive on account of our concrete steps in various economic fields,” and added, “You are the ‘factory of the world’. Whereas, we are the ‘Back office of the world’. You give thrust on production of hardware, while India focuses on software and services.” Similarly, Indian component manufacturers have been masters in high-quality precision and the Chinese players have mastered the art of mass production. The component design expertise of Indian engineers and low cost mass production by China can cater to the global markets in a better way. This industrial partnership of China and India can bring about greater investment, employment and satisfaction of our people, Modi concluded.    

May 16, 2015 | 7:46 pm IST.

The Dollar Business Bureau - May 16, 2015 12:00 IST
 
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