PM Narendra Modi inaugurates GE's manufacturing plant at Chakan

Prime Minister Narendra Modi on Saturday inaugurated the US based GE's first multi-modal manufacturing factory in India at Chakan in Maharashtra and exhorted the company and other overseas companies to invest in India.

"Today I could witness what world class standards are", said Modi, while inaugurating the 50,000 square feet multi modal factory in 68 acres.

India's rich talent pool and a young population of 65 per cent people of less than 35 years of age have potential to attract big investments in India, said the Prime Minister.

He said ease of doing business with India is a priority for the Government and efforts are on to reduces the number of clearances for starting a factory.

John G Rice, Vice Chairman, GE said the company was investing over $200 million in the factory, including a second phase expansion catering to GE's businesses like aviation, rail systems and diesel engines.

Rice said the factory is one of GE's most advanced facilities outside the US bringing together automation, Industrial Internet and 3D printing. It is built on the concept of flexibility, allowing for the manufacturing of a diverse set of products related to GE's businesses.

It will also serve both domestic and export markets, working on the principle of a 'shared centre of excellence' on process, capability and human capital, aimed at driving economies of scale, he said.

In the first phase of operations, the facility is focused on products and solutions for the power generation, oil & gas and transportation industries.

Plans for next phase will include manufacturing capability for new generation aviation engine components and machining and sub-assembly for the latest rail locomotives and diesel engines.

GE employs over 13,000 people in India and has research centers in Bangalore, Hyderabad, Mumbai and Chennai, besides 10 local manufacturing facilities.