India is planning to woo Chinese MNCs engaged in electronic manufacturing and textiles for its ambitious Make in India project.

The Indian government plans to showcase India as an attractive investment destination with cheap labour and improved economic climate to lure Chinese firms.

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TheMake in India project, which is initiated by Indian Prime Minister Narendra Modi, seeks to revive India's long-undermined manufacturing sector by attracting foreign investment. Modi claims that reviving India's manufacturing sector is key to putting India back on the trajectory of high economic growth. 

To do this, India will send formal invitation to Chinese companies at India-China Strategic Economic Dialogue, Times of India reported. The two-day dialogue will be attended by Chinese delegation of 220 businessmen and government officials slated on Oct. 6 to 7.   

"Labour wages are two to three times lower in India in comparison to China. We would want Chinese MNCs in areas like electrical and electronics and textiles to migrate to India to take advantage," Niti Aayog vice chairperson Arvind Panagariya, who will lead the Indian delegation for the dialogue, said.

Panagariya claimed that since Chinese companies are shifting their manufacturing base to other countries to cut costs, India will prove to be an attractive investment destination. This would also help in creating more jobs and give a big push to India's exports, he added.

Niti Aayog, an economic think tank formed by Indian government, will rejig the priorities set by the previous government for this year's dialogue. It will focus on giving a push to Narendra Modi's goal to develop smart cities and upgrade key infrastructure across the India cities. This will put focus of discussion more on railways and roads, solar energy, coal gasification, urbanisation, domestic electronic manufacturing and new policy initiatives like coastal employment zones.

Several well-known Chinese companies like Huawei, Xiaomi and Foxconn have already committed billions of dollars for the Make in India project.

China's tech company Huawei said on Friday it will start manufacturing smartphones in their Indian plant starting next month, a big step in the success of Make in India project.     

TagsMake in India, India and China, Chinese MNCs, Chinese companies in India, China Make in India