Modi's Silicon Valley visit to boost fgn investments: Ficci

New Delhi, Sept 29: Ficci today said Prime Minister Narendra Modi's visit to Silicon Valley will be instrumental in enhancing foreign investment and is a shot in the arm for the country's manufacturing sector.

Modi's visit to the Silicon Valley in the US was the first by an Indian Prime Minister in more than three decades. "The Prime Minister's thrust on promoting investments in India and fostering a better economic climate for doing business during his visit to Silicon Valley, USA, will be instrumental in enhancing foreign investment and giving a boost to country's manufacturing sector," Ficci said.

"Digital India is an enterprise for India's transformation on a scale that is, perhaps, unmatched in human history," Modi had said while speaking about Digital India initiative before a gathering of Silicon Valley CEOs.

Ficci asserted that the industry supports Modi's initiatives to create more jobs, and for a better skilled India of tomorrow.

"The Digital India platform will immensely help in ease of doing business and bringing in necessary transparency in the Indian system and industry would contribute nearly 4.5 lakh crore to the initiative.

"The programme offers number of new possibilities for Indo-US collaboration including a new level of engagement between the government, private sector and citizens," the industry body said.

It also appreciated the vision of the joint statement brought out by the Prime Minister and US President Barack Obama on the shared commitment to fight climate change.

"The leaders... reiterated their support to the growing defence cooperation between the two countries. "Ficci, in order to facilitate the participation of industry, small & large, from both countries in the growing defence business in India, is launching a private sector industry think-tank, in partnership with its counterpart industry bodies," it said.

The mandate of the think-tank will be to clear the maze of procedures and facilitate B2B interactions.

The platform will provide a transparent mechanism for industry both public and private to engage in a dialogue to nurture technology incubation, industry-academia interface and allow technology to be an enabler to help the Indian defence companies understand opportunities to become a part of the global supply chains, licensing and export control norms and help to create a conducive offset delivery mechanism for the development of the local industry.

PTI