$100-bn foreign investments knocking at India's doors: Modi

Prime Minister Narendra Modi on Thursday said $100 billion worth of foreign investments is knocking at the doors of India and it is up to the states to lap up as much as they can.

Describing his 'Make In India' initiative a ‘win-win’ proposition, Modi said the foreign investors should not treat India merely as a market, but should focus on turning it to a manufacturing hub with a view to increase the purchasing power of Indians.

"$100 billion investments from Japan, China and America have applied for visa. Now it is turn of the states to capitalise on the opportunity.

“The roads are wide open.

“The states which are ready can walk away with major share," he said while inaugurating the Global Investors' Summit in Indore.

The meeting is being attended by industry bigwigs, including Reliance Industries chief Mukesh Ambani, ADAG's Anil Ambani, Adani Group head Gautam Adani and Tata Group chief Cyrus Mistry.

In the last couple of months, the Prime Minister has visited Japan and the US and launched the Make in India campaign to lure foreign investments into manufacturing sector.

"When we talk about Make in India, then we want to create confidence in the world that there is a huge investment possibility in India.

“Please do not consider India only as a market. . . dump goods, sell them and make profits.

"I tell the World, do not confine yourself to this.

“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 dream," Modi said.

The focus of the government, he said, is to generate employment by encouraging agriculture, manufacturing and services sector.

The Prime Minister said states should rise above narrow political considerations on development agenda and Centre will extend all possible assistance to them.

Emphasising on the concept of Team India, which includes Prime Minister and state Chief Ministers, Modi said the country cannot prosper unless states are empowered. "Centre and states are not rivals or enemies... Centre will stand shoulder to shoulder with all states, irrespective of political affiliation, to facilitate economic growth," he said.

Modi said value addition in agriculture and focus on infrastructure will help the farmers immensely and asked the industrialists to add value to agro products. Madhya Pradesh accounts for 40 per cent of the organic farm produce in the country.

"In manufacturing sector, we should give impetus to products which can be exported," he said, adding the country needs to prepare a global talent pool to take advantage of the experience and expertise of the NRIs.

The initiative to create the global talent pool, a data of Indian origin persons living abroad, should be maintained, he said.

Praising Madhya Pradesh for taking advantage of the Central government schemes, he said it was the first state to initiate projects in defence manufacturing sector by proposing to set up units in Jabalpur and Gwalior.

Modi also invited investments under Public Private Partnership model in skill development with a view to bridge the gap between demand and supply of persons of specific skill sets.

He said MP is making two electronic estates to make Digital India campaign a reality and 36 lakh bank accounts have been opened in the state under the Jan Dhan Yojana.

Ambassadors of 28 countries were present at the summit -- which also has nine partner countries.

Other prominent industrialists expected to attend the Global Investors' Summit here include Essar Group's Shashi Ruia, Kumar Mangalam Birla, Adi Godrej, L&T's A M Nayak, retailer Future Group chief executive Kishore Biyani, ITC Chairman Y C Deveshwar and DCM Shriram Ltd head Ajay Shriram.

Image: Prime Minister Narendra Modi; Photograph: Reuters