PM Modi woos French businesses with 'Make in India' initiative

Paris: Prime Minister Narendra Modi today met top French business leaders with an aim of bringing French investment and technologies to India particularly in infrastructure and defence sectors.France today called India a "bright spot" in
pm modi woos french businesses with make in india...
PTI April 10, 2015 23:07 IST

Paris: Prime Minister Narendra Modi today met top French business leaders with an aim of bringing French investment and technologies to India particularly in infrastructure and defence sectors.

France today called India a "bright spot" in global economy, as Prime Minister Narendra Modi used his 'Make in India' initiative to invite top French businesses to invest in the country, particularly in the areas of defence and infrastructure.

"The Prime Minister said he accords highest interest to the 'Make in India' in defence... What the French companies can do is to add value," External Affairs Ministry spokesman Syed Akbaruddin told reporters while briefing on two back-to- back meetings Modi had with French CEOs here.

Modi, on a four-day visit to France on the first leg of his three-nation tour, took the opportunity to woo French investors to undertake projects in India as he held meetings with them accompanied by French Foreign Minister Laurent Fabius.

"India is identified as a bright spot in global economy," Akbaruddin quoted Fabius as saying.

The subjects discussed at the meeting with the CEOs of companies dealing with infrastructure were how they could partner with India in developing smart cities, upgrade transportation, particularly railways and waste management.

Modi gave the business leaders of the largest French chamber, Movement of the Enterprises of France (MEDEF) - that has 750,000 members, an outline of the policy initiatives of his government over the last 10 months.

The 'Make in India' initiative could be helpful in ending the deadlock over Jaitapur nuclear plant in Maharashtra.

Earlier in the day, India said it expects "movement" on a proposal for setting up French nuclear reactors in Jaitapur as well as on the Rafale fighter deal, both of which are pending for long.

Talking about this issue, Akbaruddin said there are suggestions that some of the elements of the nuclear plant could be made in India to "bridge the cost" and resolve the matter over price of power generated.

The Jaitapur project, where French company Areva is to set up six nuclear reactors with total power generation capacity of about 10,000 MW, is stuck because of differences over the cost of electricity to be generated.

Similarly, the deal to supply 126 Rafale fighter planes is also deadlocked because of differences over price.

After wrapping up the first leg of his tour, Modi will head to Germany, where business and technology will be the focus of his engagements aimed at attracting participation in the 'Make in India' campaign.

In the third and last leg of his tour, Modi will travel to Canada, marking the first standalone visit by an Indian Prime Minister in over 42 years.

France to invest 2 billion euros in India  

France today announced an investment of 2 billion euros (about USD 1 billion) in India as Prime Minister Narendra Modi invited French companies to pump in money in technology in the fastest growing economy.  France will invest 2 billion euros in India, President Francois Hollande announced at a CEO forum here.  

Inviting French investors, Modi said, “There is no bigger market than India. It is also the fastest growing economy since the last six months. Various rating agencies like World Bank and Moodys have said in one voice that India is the fastest growing nation.

“It is rare to find a country with a market, with the government determined on development and demographic dividend.  Investors are usually worried about the security of intellectual property (IP). Only democracies like India can guarantee that,” he said.

Addressing the CEO forum, Hollande said: “We are ready to allocate through French companies 2 billion euros to support India's sustainable development.”

He said France will partner India in Urban development of infrastructure like railways and defence and nuclear scetor.


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