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India woos Chinese investment to boost manufacturing

Staff Writer |
India is looking to investment from China in a bid to boost manufacturing and reach their goal of creating a hundred million jobs by 2022.

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India attracted more than $50 billion in foreign direct investment last year, while Chinese investment accounted for only a small part of it, said Ravneet Kaur, joint secretary of the ministry's department of industrial policy and promotion.

Kaur called for more Chinese investment in sectors including railways, telecommunications, retail, construction and automobiles at a seminar on India-China trade, investment and economic cooperation in Zhengzhou, capital of central China's Henan Province.

The Indian government introduced a "Make In India" program in September 2014 to boost manufacturing in the country.

Manufacturing only accounted for 17 percent of India's GDP in 2015, and the government is expected to increase the proportion to 25 percent by 2022, Kaur said.


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