Reports from the guardian says; The Indian government has awarded a $2.6bn contract to General Electric
“It is a major advancement and milestone for India and for GE, a
symbol of our commitment and support of the ‘Make in India’ initiative,”
GE chairman and chief executive Jeff Immelt said in a statement.
The “Make in India” initiative is one of Indian prime minister
Narendra Modi’s flagship policies, aimed at seeking larger amounts of
foreign direct investment (FDI) in the country to spur growth in
domestic manufacturing.
Modi,
who won a landslide election last year with the promise of creating
jobs by fostering a business friendly environment, has touted India’s
policy reforms and faster project clearances to seek investment in the
country.
India’s vast but crumbling railway network has received special
attention under Modi’s government, with railways minister Suresh Prabhu
pledging to spend around $137bn to modernise it over the next five
years.
As a part of this effort, the Indian government last year also allowed 100% foreign direct investment in the railway sector.
“(The) diesel locomotive project marks one of the first major
initiatives of FDI in enhancing India’s rail locomotive capacity,” GE
said.
to develop and supply Indian Railways with 1,000 diesel locomotives over 11 years, the company has announced.
GE will spend $200m to build a factory and maintenance sheds in the
country, in what is being touted as the company’s largest deal in its
100-year history in India
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