India is keen to develop the sectors where China is strong: Narendra Modi

Newsroom24x7 Desk

Prime Minister Narendra Modi delivering his address at the India-China Business Forum, in Shanghai, China on May 16, 2015

Prime Minister Narendra Modi delivering his address at the India-China Business Forum, in Shanghai, China on May 16, 2015

Shanghai: Prime Minister of India Narendra Modi today said at the India-China Business Forum that India is keen to develop the sectors where China is strong.

Seeking Chinese involvement, Modi said “the scope and potential, the breadth and length of infrastructure and related developments is very huge in India.

He went on to highlight the scope for involvement by projecting India’s plan to build 50 million houses by 2022. In addition, we are going to develop smart cities and mega industrial corridors, he said adding for this purpose, we have refined our FDI Policy in construction. We are also coming up with a regulatory framework for this sector.

India has also 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, the Prime Minister pointed out.

Further, Modi said, 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, Modi said and went on to underscore that India is seting 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, Modi said India is moving towards a more inclusive and faster delivery of financial products including bank loans and insurance, the Prime Minister said explaining, for this purpose 140 million bank accounts have been opened, FDI in insurance has been riased up to 49% and MUDRA Bank has been set up to fund the micro-businesses;

The Prime Minister said: 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.

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