Make in India: PM Narendra Modi opens GE's multi-modal manufacturing facility at Chakan

CHAKAN/PUNE: Prime Minister Narendra Modi called on the global investors to explore the immense possibilities in ship building, defense and railway sector, assuring 'ease of doing business' and predictability of policies and laws.

Speaking at the inauguration of the multi modal facility of General Electric at Chakan in Pune, Modi said, "Ship building industry can create employment in the coastal states. India has immense potential in defense sector to export to the third world countries. "We have recently allowed 49 per cent FDI in defense. The railways should also become self sufficient, upgrade, expand and become driving force of the economy."

As John Rice, vice chairman, GE announced to begin work on Phase II of the Chakan plant, Modi said, it will give strength to the ' Make in India' plans of his government.

Modi said that India's talent pool can attract the best global technologies and also investment. "World was surprised to see how our scientists successfully launched Mangalyaan with less than the budget of a bollywood movie," he said, also citing how his government is trying bring predictability and 'ease of doing business' to attract investments.

"We have brought down the number of permissions required to start a business from about 70/80 to about 20/25. We are also trying to bring predictability in our systems, laws and policies," he said.

The Chakan plant is the first of its kind, multi modal plant of GE anywhere in the world, where the same set up will be used to manufacture for different verticals like aviation, energy, health care, oil and gas etc. The company, which has been present in India for more than a century, has invested about $ 120 in Phase I of the aviation certified facility and plans to put in another $60 to $70 for phase II.

Of the total production at the plant, 50 per cent will be exported. " Right now, GE will use the facility for manufacturing oil and gas exploration equipments, wind, aviation and locomotives," said Banamali Agrawala, president and CEO, South East Asia, GE.