“India is the fastest growing economy in the world. We have the labour and the market for your products,” Mr. Modi said at the India-France chief executives meeting here along with visiting French President Francois Hollande, according to a tweet […]
“India is the fastest growing economy in the world. We have the labour and the market for your products,” Mr. Modi said at the India-France chief executives meeting here along with visiting French President Francois Hollande, according to a tweet by external affairs ministry spokesman Vikas Swarup.
France has committed to help three Indian cities — Chandigarh, Nagpur and Puducherry — to develop as smart cities.
As the fastest growing big economy in the world, India has both the skilled workforce to produce as well be the market for French products, Prime Minister Narendra Modi said on Sunday.
The French President, who began his three-day visit from here today, is accompanied by a large delegation of CEOs.
Inviting French companies, especially those in the defence sector to manufacture in India and take advantage of low costs involved, the Prime Minister said India provides huge business opportunity for them.
“India wants to enter the field of defence manufacturing. … I assure French companies present here, especially in the field of defence manufacturing that we can do a lot in the area of defence manufacturing.”
“We are working towards improving quality of life. We are working on good governance. These are the two initiatives that world is attracted towards,” Mr. Modi said.
India has witnesssed 40 per cent increase in foreign direct investments and established itself as an important destination for foreign capital, he said.
The Prime Minister said India’s ranking in the ‘Ease of Doing Business’ has improved by 12 points in a short span of time after his government took over.
“The inflow of 40 per cent FDI in short period of time is a proof that the world has recognizes India as important destination,” he said.
He said there are many opportunities to work on different fields between India and France. “It is like ‘made for each other’ What you (France) have is our requirement and what you need is the market which we have,” he said.
Seeking the assistance of France in improving country’s infrastructure, rail network and innovation, Modi said, “Our development model requires the expertise of France. We have to move forward in infrastructure, rail, maritime, even waterways.”
He said India also wants to play a significant role in a fight against global warming. “We want to reduce carbon foot print and move towards waterways,” he said.
Mr. Modi added that his government was in the process of shifting its railways from diesel to electric mode.
“We want to strengthen the rail infrastructure. For 50 metro stations, we want to set up infrastructure and France has the capability (to do it),” he said.
Noting that Innovation was France’s biggest strength, Mr. Modi said both India and France could work in this field.