Set up manufacturing hubs in India, FM urges Japanese cos

Days after the government made domestic procurement mandatory for 75% of metro rail cars, Finance Minister Arun Jaitley on Sunday urged Japanese companies to set up facilities in India for manufacture of rolling stock for metro rail projects.

Jaitley also asked the ADB to set up a regional hub in New Delhi for the South Asia region in order to keep pace with the growing aspirations of the people and to expedite the process of project preparation and delivery for India and other countries in the region.

The finance minister is currently on a visit to Japan to participate in the annual meeting of the Board of Governors of the Asian Development Bank. In New Delhi, the Finance Ministry issued excerpts of his address to ADB.

In urban development, especially in the sectors of drinking water and sanitation, Jaitley underlined the major challenges faced by many developing countries in making the system work without having to depend much on the budgetary support from the national governments.

He urged the bank to promote sustainable models that will address these challenges. He called upon ADB to focus on climate-resilient agriculture, better farm production technologies, improved value chain management and creation of better marketing infrastructure for farm produce, according to the official statement in New Delhi.

The ADB is celebrating its 50th anniversary this year, with the four-day meeting being held in the Japanese city of Yokohama.