Addressing the India-UK Tech Summit on Monday, Prime Minister Narendra laid emphsis on the fact that India and the UK can leverage technological prowess to create new opportunities, while seeking investments in defence, manufacturing and aerospace sectors.
PM Modi made his point with reference to the underlining economic challenges in the current global environment.
Speaking at the India-UK Tech Summit, Modi showcased hisgovernment's initiatives in sectors like smart cities,startups and digital economy as he sought enhanced engagementwith Britain.
"Together, we can create a vibrant and thriving environment for new commercial applications with breakthroughtechnologies," he said at the event, also attended by visiting UK Prime Minister Theresa May. Modi further said that both countries face numerouseconomic challenges in the current global environment whichdirectly affect trade and commerce.
"But I am confident that together we can leverage ourscientific strengths and technological prowess to create newopportunities," he added. India, he said, is now the fastest growing large economywith the most open investment climate.
"We also expect 'Make in India' to be a key sector ofbilateral engagement. Advanced manufacturing is a specialendeavor under this programme.
The UK as a leading player can benefit from our liberal FDI policies in defencemanufacturing, aerospace and electronics engineering," thePrime Minister said. He said India's vast traditional knowledge base can becoupled with UK's modern scientific investigation to provide aholistic approach to preventive healthcare.
"This can helpaddress some of the modern lifestyle diseases that we face." The Prime Minister said even though the quantum ofbilateral trade has remained at the same level for the pastfive years, investments in both directions have been robust. India, he said, is the third largest investor in the UK,and Britain is the largest G20 investor in India.
Both countries support large numbers of jobs in each other'seconomies. Modi said the 'Smart City' mission aims to integrate digital technology into rapidly urbanising environment andthere is already a high level of interest from the UK inprojects in Pune, Amaravati and Indore.