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Prime Minister Narendra Modi on Saturday inaugurated US-based manufacturing conglomerate General Electric (GE)'s multi-modal manufacturing facility at Chakan in Pune. The facility will manufacture a range of diversified products for sectors like energy, aviation, oil and gas transportation. Modi urged global investors to tap opportunities for defence manufacturing in India. GE is planning the second phase of expansion at Chakan.
Modi said, "There were immense possibilities for manufacturing in India. India's demographic dividend was a magnet to attract investment. The government was working towards creating a skilled and talented workforce, which would attract the world to India. The world is taking note of India's GDP (gross domestic product) growth, which has risen to 7.4 per cent. Experts are now saying India as the fastest growing economy in the world."
He said the 21st century would be Asia's century, with India playing a key role in it. The government was working towards predictability in policies and laws that would boost confidence of investors.
Modi added, "The railways can become Indian economy's driving force. We want the railway sector to develop, get more technology, give speed and make it the driving force of our economy."
In total, GE has invested Rs 1,200 crore for this facility. In the second phase of expansion, it will invest around Rs 400 crore. Over 1,500 people will get direct employment through this venture. Currently, GE has 450 people working in Chakan facility. This GE's first ever kind of facility in the world, which produces multiple products. The company has acquired 68 acres of land in Chakan for this plant. The memorandum of understanding for the plant was signed with the state government in 2013. According to GE, this is the first of its kind facility of the company in the world with a centre of excellence (CoE).
"This is the time for phase II and we will be investing additional capacity to support our aviation, rail and diesel engine requirements. The plant has come up at a time when the spotlight is on manufacturing and the Indian government's Make in India campaign," said John Rice, vice-chairman, GE.
Modi had met GE's CEO Jeffrey R Immelt in September 2014 in the US, where they discussed ways to further expand GE's presence in India.
Banmali Agarwala, president and CEO, South Asia, GE, said, "We are very bullish on phase-II expansion of this facility. It will cater to sectors like oil and gas, aviation, water solutions and aerospace. However, there is no fixed timeline for this, the company is confident to grow in future. GE has been present in India since 1902, developing technology and products across the energy, health care, infrastructure and financial services sectors. We are closely associated with Hindustan Aeronautics Limited for aerospace solutions for fighter planes."
Modi invited GE to manufacture ships in India as part of his government's Make in India campaign. "India has huge potential in ship building. India is in a position to export defence equipment to other countries at cheaper-than-expected rates," the prime minister said.
