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India aims to attract 50 billion dollars FDI per year from 2012 | Union Commerce and Industry Minister Anand Sharma on Tuesday said that the country would be able to attract 50 billion dollars Foreign Direct Investment (FDI) annually from 2012. Addressing the media on the sidelines of
the state industries ministers meeting in the national capital, Sharma said that
the Government is creating an investor friendly environment to attract more FDI.
"We are creating the investor friendly environment bringing about a greater degree
of uniformity, predictability and rationalization across the country. We hope
that we will be able to attract 50 billion dollars annually," Sharma said. "India
is a big country, it can absorb that and let us not forget that the projections
of the next one decade for Indian infrastructure alone, is absorbing investments
of one and a half trillion dollars. So, what I have said are very conservative
numbers," he added. Sharma further said that in order to take the growth to double
digits, more FDI is required. "I am talking of 2012, if we have to take a growth
to double digit, if we have to meet our objectives, we need to attract more FDI,"
he added. Between April and September, the first half of the 2009/10 fiscal year,
FDI was in excess of 15 billion dollars and portfolio investments were almost
the same. The influx of foreign funds is also pushing up the rupee. The Reserve
Bank of India has said if it raised interest rates ahead of other central banks,
that there was a risk that it could attract more inflows and complicate policymaking.
India's economy expanded by 6.7 percent in 2008-09, after growing at 9 percent
or more in the previous three years. And, it also remains an attractive destination
for foreign investments. As per the World Bank's reports, the returns on investment
made in India are the highest in the world. |
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