Commercial agreements worth $ 22,000,000,000 signed between business firms of India and China, the prime minister Narendra Modi described the economic environment in India as a "historic opportunity" for Chinese enterprises.
While major Chinese business honchos like Jack Ma of Alibaba gave a thumbs up to Modi for 'Making India' initiative, Infosys chief Vishal Sikka and senior executives from Adani group touched the feet of the Prime Minister.
Infosys launched its Shanghai campus and signed three agreements Adani power and ports. Modi, addressing the business forum between India and China, on Saturday, said: "This is a historic opportunity for Chinese companies would already knowing the direction of my government and the steps we're taking We are committed to.. the creation and improvement of the business environment. I can assure you that once you decide to participate in India, we are confident that will become more and more comfortable. "
"Many Chinese companies have the opportunity to invest in India to tap the potential of India. The potential lies in the production, processing and infrastructure. I am here to ensure that the economic environment in India has changed.
"Our regulatory regime is much more transparent, accountable and stable. We are taking a long term view on futuristic topics. Lot of efforts have been made and are still ongoing to improve the" Ease of Doing Business ". We believe FDI is important and we will not enter the country without a competitive global business environment. Therefore, we have streamlined a number of issues that were bothering investors. "
In a closed session, Alibaba, Jack Ma, he learned that Modi said, "We are very excited about India, and programs in India Brand Digital and India." Xiaomi President Lin Bin said: "We have big plans for India and we fully do in India."
Kochchar of ICICI Bank Chanda, who was here to launch the first bank branch in Shanghai, told The Sunday Express: "There is much complementarity between the Chinese and Indian companies Modi and the current government has taken many measures to facilitate the transformation. business. And they are in the right direction. "
Modi witnessed the signing of 26 memorandums of understanding covering a wide range of industries including renewable energy, energy infrastructure, and steel and small and medium industries.
Addressing the business community, he said, "We are very interested in developing the sectors in which China is strong. We need your participation. The scope and potential, width, length and related infrastructure developments is very large in India ".
"As you have done this successfully, we also want to promote production in a big way especially to create jobs for our young people who are 65 percent of our population," he said.
He stressed that the initial measures of the government have helped to build greater investor confidence. "Feelings of private investment and foreign investment inflows are positive. Foreign direct inputs have increased by 39 percent during April 2014-February 2015 against the same period last year," he said.
"Our growth rate is above 7 percent. Most international financial institutions like the World Bank, IMF, OECD and others predict an even faster and better growth in the coming years. Moody recently updated rating India as positive account of our concrete steps in various economic fields, "he said.
As two major economies in Asia, he said the "harmonious society" between India and China is essential for economic development and political stability of the continent. "You are the" world factory ". Whereas, we are the 'back office of the world'. You give impetus to the production hardware, while India focuses on software and services.
"Similarly, the component manufacturers in India have been masters of high quality precision and Chinese players have mastered the art of mass production. "The experience in the design of components of Indian engineers and mass production of low cost China can serve global markets in a better way. This industrial association of China and India may lead to increased investment, employment and the satisfaction of our people, "said the Indian company executives and Chinese at the Ritz Carlton hotel.