Foreign investments worth $100 billion lined up, it’s up to you now: PM to states

Industries head Cyrus Mistry, Mukesh Ambani, Gautam Adani promise investments of nearly Rs 1 lakh cr.

Prime Minister Narendra Modi on Thursday said that foreign investors from Japan, the US and China have lined up investments worth an estimated $100 billion and that proactive states should take advantage of the opportunity to tap these inflows.

Inaugurating the Global Investors’ Summit here, the Prime Minister was quoted by PTI as saying that investments totalling $100 billion from Japan, China and America “have applied for visas”, he said while inaugurating the Global Investors? Summit here. ?Now it is turn of the states to capitalise on the opportunity. The roads are wide open. The states that are ready can walk away with major share,” he told a power-packed audience comprising top industrialists and envoys of foreign nations.

Modi argued that foreign investors should not treat India merely as a market but also turn it into a manufacturing hub to increase purchasing power of the people and leverage from it. “If India does not prosper, then its purchasing power will not increase. If India’s purchasing power do not increase, then the dream to see India as a market will remain a distant one,” Modi said, according to a PTI report.

Madhya Pradesh Chief Minister Shivraj Singh Chauhan said while the state has a land bank of over 20,000 hectares, it is also power surplus and over 900 million cubic metres of water available exclusively for the industry, which provided a huge opportunity to investors across different sectors.

Industry chiefs including Tata Sons chief Cyrus Mistry, Reliance Industries head Mukesh Ambani, ADAG’s Anil Ambani, Adani Group head Gautam Adani and Essar chief Shashi Ruia promised investments of nearly Rs 1 lakh crore. (with PTI inputs)

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 10-10-2014 at 07:54 IST