PM Modi addresses India-China Business Forum, makes strong pitch for 'Make in India'

In his address to the India-China Business Forum, Modi said that India offers historic opportunity for Chinese industry.

Zee Media Bureau

Shanghai: Prime Minister Narendra Modi on Saturday met the CEOs of 22 top Chinese companies and invited them to participate in the 'Make in India' initiative.

After this meet, Prime Minister also addressed the India-China Business Forum. Shanghai is the last leg of the Prime Minister's China visit after which he will leave for Mongolia.



Here are the highlights of his address at the India-China Business Forum:

-Indian and Chinese firms sign 21 business agreements worth USD 22 billion.

-India and China have potential of growth and problem solving. I am personally committed to take the co-operative process forward.

-Indo-Chinese partnership should and will flourish.

-Harmonious partnership between India and China is essential for economic development and political stability of Asia.

-Industrial partnership of China and India can bring about greater investment, progress and satisfaction of our people.
-Let us work together in mutual interest and for progress and prosperity of our great countries.

-We want to promote manufacturing in a big way particularly to create jobs for our youth who form 65 percent of our population.

-We have planned to build 50 million houses by 2022. In addition, we are going to develop smart cities and mega industrial corridors.

-For this purpose, we have refined our FDI Policy in construction. We are also coming up with a regulatory framework for this sector.

-We have targeted 175 Giga Watts of renewable energy in next few years. In addition to generation, the issues of transmission and distribution of electricity are equally important for us.

-We are modernizing our Railway systems including signals, engines and railway stations. We are planning metro rail in fifty cities and high speed trains in various corridors.

-Similar is the case with Highways which we want to build in faster way.

-We are putting up new ports and modernizing the old ones through an ambitious plan called Sagarmala.

-Similar focus is on upgrading the existing Airports and putting up regional airports to enhance connectivity to places of economic and tourist importance.

-In financial services too, we are moving towards a more inclusive and faster delivery of financial products including bank loans and insurance.

-For this purpose we opened 140 million bank accounts; increased FDI in insurance upto 49% and have set up MUDRA Bank to fund the micro-businesses.

-Recently, I have launched innovative schemes for insurance and pension to enhance social security of our citizens.

-In March this year, I had a discussion with Jack Ma of Alibaba in Delhi about possible co-operation for strengthening this micro-credit sector of India.