Pune (Maharashtra), Feb 14 (IANS): Prime Minister Narendra Modi Saturday extended an open invitation to global manufacturers in different sectors to join the government's Make in India initiative.

Inaugurating the new plant of General Electric (GE) in Chakan here Saturday morning, Modi said India has been the focus of the world for its speedy development records in the past few months and acknowledged as the fastest growing economy with a GDP of 7.4 percent.

"We have a huge force of talented youth which can work as a magnetic force for development. Procedures to set up new industries have been drastically simplified and norms to set up industries reduced...Manufacturers from all over the world can come here for mutual benefits and a win-win situation with Make in India," Modi urged.

Referring to the wealth of talent and youth, Modi said the world was stunned to learn that India managed to build and send a spacecraft to Mars at less than the cost of a Hollywood movie.

He said India is now in a position to supply defence equipment to the developing and third world countries at a much lower rate and both sides could benefit immensely from this.

"Pune, the academic hub, can start defence related courses to cater to this requirement. We have the talent and skills that can attract technology from all over the world. The youth are the central focus of our development activities," Modi pointed out.

The prime minister called for exploring shipbuilding industry in the view of huge coastline bordering India, which could create immense job opportunities for the coastal states and compete at a global level.

He lauded the swift developmental activities underway in Maharashtra under the leadership of Chief Minister Devendra Fadnavis.

Modi arrived in Maharashtra for a day-long visit packed with engagements in Pune and Mumbai, with the highlight being a luncheon meeting with Nationalist Congress Party president Sharad Pawar at the latter's Baramati home.