PM hardsells India as manufacturing destination

Tokyo, Sep 2: Hardselling India as a manufacturing destination a day after Japan announced a USD 35 billion investment, Prime Minister Narendra Modi on Tuesday invited investors saying the era of "red tape" has been replaced by "red carpet" with ease of doing business and liberalisation.

Addressing Japanese investors at a business symposium organised by Nikkei and Jetro, Japan's trade promotion body, he talked about his vision of 'Make in India' and cited the decisions of his 100-day old government to create ease for doing business.

"No other country offers such an opportunity" as India, given the fact that it has democracy, demography and demand, Modi said on the fourth-day of his trip, a day after he addressed investors and businessmen yesterday at another event.

Modi's invitation to the Japanese investors came a day after Prime Minister Shinzo Abe promising a Rs.2.10 lakh crore investment and financing in infrastructure and other projects in India over the next five years.

The Prime Minister asked business leaders to "try their luck" by investing in India, contending that they could do "miracles" in terms of profits through low-cost manufacturing. "What do manufacturers want? They look for low-cost manufacturing.

They don't want high-cost manufacturing. Cheap labour, skilled manpower, ease of business and liberalised environment. Then it becomes economically viable in India.

"Trillions and trillions of dollars need to be invested in India. The electronic market especially the mobile handset sector is a big market with a potential," he said, adding the government has put digital India plans for 125 crores people on a mission mode.

Arguing why India provides a big potential, he said plans for metro construction in about 50 cities and renewable energy sector offers big opportunities.

"Bharat is ready to invite you. Make in India whatever facilities you want, they are there," he said wooing Japanese business leaders.

PTI