PM Modi calls China factory of world, India back office

Shanghai: Prime Minister Narendra Modi said as two major economies in Asia, a “harmonious partnership” between India and China was essential for economic development and the “political stability” of the continent. “You are the ‘factory of the world’. Whereas, we are the ‘back office of the world’. You give a thrust on production of hardware, while India focuses on software and services,” he said.

Earlier, he met CEOs of 22 top Chinese companies, including Alibaba, China Light and Power, Xiaomi, Huawei and Trina Solar, on the last leg of his three-day visit to China. India’s Adani Group and Bharti Airtel Limited both signed three agreements each with Chinese firms. Indian firms signed 26 deals worth more than $22 billion with Chinese companies in a range of sectors, including renewable energy, power infrastructure, steel and small and medium industries. The Prime Minister assured Chinese businessmen that India’s economic environment has changed.

“Our regulatory regime is much more transparent, responsive and stable. We are taking a long-term and futuristic view on the issues,” he said. He said a lot of efforts have been made to improve the “ease of doing business”. “I am personally committed to take the cooperative process forward. That is why even as chief minister of Gujarat, I visited China,” he said.

Expanding its operations in China, Indian technology major Infosys unveiled a master plan to build a development centre in Shanghai with an investment of about $120 million to tap the burgeoning Chinese market. The master plan was unveiled in the presence of Infosys CEO Vishal Sikka at the business forum.