PM assures one window clearance to France Inc

Asserting that India’s economic reforms process was ‘‘irreversible’’, Prime Minister Manmohan Singh on Monday assur...

Asserting that India’s economic reforms process was ‘‘irreversible’’, Prime Minister Manmohan Singh on Monday assured single window clearance for major French investment in the country while inviting inflow of funds in the civil nuclear energy sector.

After Singh’s interaction with French business leaders over breakfast, it was announced that French car-maker company Renault would manufacture right-hand drive cars in India for export to other countries.

During his meeting with top French CEOs, the Prime Minister said decision-making in a democracy sometimes was slow but India’s commitment to the process of economic reforms remained firm.

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The economic reforms process is ‘‘irreversible’’, Singh said and added that there would be single window clearance for major French investments in India.

He invited French firms to invest in the civil nuclear power sector in India, while emphasising that India would connect more and more with the global economy.

Singh told the business leaders about the expanding opportunities for trade and investment in India at the meeting, which was also attended by French Foreign Trade Minister Christine Lagarde. The Prime Minister’s discussions with the CEOs focused on enhancing investment in India and bilateral trade.

Ahead of his interaction with the business community, the PM said, ‘‘France must help modernise Indian economy.’’ ‘‘French companies can play a role in the domains of energy, electricity, hydrocarbon, infrastructure, agri-business, pharmaceutical business and environment,’’ he said in an interview to leading French daily Le Figaro published today. He noted that the volume of trade exchanged and investment and also transfer of technology ‘‘are well short of their potential.’’ — PTI