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Don’t just sell in India, invest: Modi tells investors

AM Jigeesh Indore | Updated on October 09, 2014 Published on October 09, 2014

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Says $100-b foreign investment knocking on India’s doors; calls on States to seize opportunity





Pushing his pet ‘Make in India’ theme, Prime Minister Narendra Modi on Thursday said putting money in the manufacturing sector would be a “win-win situation” for investors.

Urging investors to stop considering India as a big market, he said enhancing production in the country would result in more purchasing power for the people.

“Don’t just sell in India. Invest in India, generate employment. This will increase the purchasing power of the citizenry and boost growth through consumption,” he said.

Inaugurating the Global Investors Summit of Madhya Pradesh here on Thursday, Modi announced that the country would get foreign investment worth $100 billion in the coming days.

Up to states

Citing the bilateral discussions he had with the US and China recently, the Prime Minister said $100 billion worth of foreign investments are knocking on India’s doors and it is up to the States to make use of this opportunity. States will have to clear the roads for development, he said and promised investors all possible help from the Centre.

Modi said the credit rating of India by various international agencies has improved since his Government assumed power.

Decisions such as 100 per cent foreign direct investment (FDI) in the Railways will change the fortunes of the country, he said, adding that the decision to hike the FDI cap in Defence would help States find new avenues.

“Madhya Pradesh is the first State that has put in place a Defence manufacturing policy. This is a significant step toward a Centre-State alliance that will help create self-sufficiency in Defence,” he added.

Skill development

The Prime Minister also asked States to create a global talent pool so that the experience, talent and discipline of non-resident Indians can be used for growth. Programmes such as skill development need micro-level planning, he said, adding: “We should be able to end the mismatch of demand for skilled workers and the burgeoning rate of unemployment.”

Modi lauded Madhya Pradesh’s efforts to maintain double digit growth in agriculture and in GDP. “I am confident that Madhya Pradesh will become the main driving force behind India’s growth story,” he said.

Published on October 09, 2014
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