India is fastest growing economy in world: PM

He was speaking at the inauguration of the multi-modal manufacturing plant of GE in Pune.

Written by Parthasarathi Biswas | Pune | Published: February 15, 2015 2:05:09 am

Prime Minister Narendra Modi claimed that India was the fastest growing economy in the world and presented the most fertile ground for investments. He was speaking at the inauguration of the multi-modal manufacturing plant of GE in Pune on Saturday.

“Due to the various steps taken by the government, the global perception about India as an investment destination is gaining ground. Our government will work on the dual principles of clarity and predictability, which will attract more investments,” he said. Modi added that the greatest advantage the country had was its demographic dividend with 65 per cent of the population below the age of 35.

The prime minister said the government was easing the permissions necessary to start and conduct business in India. He said the government had turned its attention to the hospitality sector and would work to simplify the process of granting permissions. “At present, more than 110 permissions are necessary to start a hotel, which often leads to delays. We will be working to reduce the number of permissions to 20 so that this sector can also grow,” he said.

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Talking about the defence sector, he said the government now allowed 49 per cent FDI in defence. He urged GE to invest in defence technology as well as ship building. Pune, Modi said, had the right potential to become a hub of defence manufacturing.

Chief Minister Devendra Fadnavis said the state government was also doing its bit to make Maharashtra more investment friendly.

John Rice, vice chairman, GE, said the company would soon undertaken phase II at its Chakan facility.

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