World Economy

India PM Promoting Manufacturing Sector

India PM Promoting Manufacturing SectorIndia PM Promoting Manufacturing Sector

Prime Minister Narendra Modi pledged to slash red tape and harness the benefits of a huge young population as he launched a campaign to attract global business to manufacture in India.

India’s business-friendly new leader wants to revive his country’s flagging economic fortunes by kick-starting a manufacturing sector long eclipsed by that of neighboring China, AFP reported.

“We don’t need to invite the world to India, they are ready to come. We just need to give them our address,” Modi said at the launch of his ‘Make in India’ campaign.

“India is the only country in the world that has the power of democracy, demographic dividend and demand,” he added, saying India’s young people stood to benefit from manufacturing growth.

Modi’s right-wing Bharatiya Janata Party swept to power in May on a mandate to revive the economy, which is going through its worst slowdown in two decades.

The government has already relaxed rules for foreign investors, eager to create jobs for the millions of Indians who enter the employment market each year.

 purchase of Sikorsky

India is expected to choose Sikorsky Aircraft’s S-70B Sea Hawk helicopters at a 16-aircraft tender worth over $1 billion, according to two sources familiar with the matter.

The decision could come during a high-profile visit to the United States by Prime Minister Narendra Modi that starts on Friday.

The Sikorsky deal would be one of several large US arms purchases by India that are nearing completion, including over $2.5 billion in orders for Boeing Co’s AH-64D Apache and CH-47 Chinook helicopters.

Sikorsky Aircraft, a unit of United Technologies Corp , declined comment on the potential helicopter order.

Those deals could in turn lay the groundwork for a much larger order of 123 helicopters for the Indian Navy, said one of the sources, who was not authorized to speak publicly.

Boeing continues to negotiate with India on the Apache and Chinook helicopters and hopes to have signed contracts by the year end, said spokeswoman Caroline Hutcheson.

US weapons makers, keen to offset declining US and European military spending, are watching closely to see whether Modi delivers on his promises to expand India’s strategic relationship with the United States.

India was the top foreign buyer of US arms last year, according to defense research firm IHS Janes, and the two governments are now negotiating a series of specific defense collaboration projects that would involve more co-production.