New Delhi, Jan 25: Offering lucrative incentives, Telecom Minister Ravi Shankar Prasad today invited US technology companies to start manufacturing in India, for meeting domestic needs and exports, under the 'Make In India' initiative.
US President Barack Obama arrived here today to a red-carpet welcome by Prime Minister Narendra Modi on his unprecedented second visit during which the two sides are expected to push for operationalising the civil nuclear pact, firm up defence cooperation besides strengthening ties in areas like trade.
Prasad said there are a lot of incentives available for electronics manufacturing in India that can be availed by US companies as well.
"In plain terms, if you invest USD 100 here, we will give you USD 25. Then state incentives are also available," Prasad said.
The government is making efforts to boost electronics manufacturing in the country. India imported telecom products worth Rs 69,516.37 crore in 2013-14 while exports of such items were at Rs 20,475.17 crore during the year, leaving a significant deficit of Rs 49,041.20 crore.
The Telecom Minister said government has opened up Electronic Development Fund worth billions of dollars to support electronics manufacturing in the country. IT can be another area where India and US can work together, he added.
"Whenever I see records, 60 per cent of India's IT exports or about 50 billion are to US. Whenever I go Bangalore, Pune, Hyderabad, Gurgaon, I see American companies having back-end office there.
People come to meet me from Facebook, Google and they are all keen to invest more in India," Prasad said.
He said that "mantra" of government is very clear which is "what is doable shall be done and what cannot shall be gently conveyed."