PM Narendra Modi rolls out red carpet to GE, invites more investment

By: | Published: February 15, 2015 12:35 AM

PM Narendra Modi invited GE to scale up investments in India and consider expanding in defence manufacturing...

PM Narendra Modi invited GE to scale up investments in India and consider expanding in defence manufacturing as well as manufacturing for the shipbuilding industry.

“India could be used as a base for defence production as India is among the big buyers in the defence market and these could also be exported to the third world countries as India will be a cheaper source for manufacturing,” said Modi at the inauguration of the first phase of the GE multi-modal manufacturing facility in Pune on Saturday.

“Combine your technology with India’s talent to gain a competitive edge in the global markets. India’s youth and its talent will be the magnetic power that will attract investors to India,” he added. He promised to offer predictability in governance and laws that investors could trust.

After the inauguration, GE vice chairman John Rice announced expansion into the second phase that will take its total investment to $200 million in the first-of-its-kind facility at Chakan in Pune. “This expansion is at a time when the spotlight is on the government’s Make in India campaign,” Rice said, addin: “We will be investing in additional capacity in aviation, rail and diesel engine requirements.”

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