NRI investments far short of potential: PM
The Hindu Business Line, January 9, 2010, Page 1
Our Bureau, New Delhi
The Prime Minister, Dr Manmohan Singh, on Friday urged overseas Indians to take a careful look at the long-term investment opportunities now on the horizon pointing out that the Government is optimistic of returning to and sustaining annual growth rate of 9-10 per cent in the next couple of years.
"India today is one of the top investment destinations. Economic opportunities are expanding everywhere. Overseas Indians while being good savers tend to be somewhat conservative investors.
"Most remittances are placed in bank deposits. Foreign Direct Investment in India by overseas Indians is low and far short of potential," the Prime Minister said while inaugurating the Eighth Pravasi Bharatiya Diwas.
The Prime Minister said that the country seeks the `active' involvement of overseas Indians community in accelerating the pace of economic and social development.
The event has been jointly organised by the Ministry of Overseas Indians, Government of Delhi and Confederation of Indian Industry.
Turning his attention to semi-skilled and skilled workers abroad, who account for about 40 per cent of the over $50 billion total remittances received in 2007-08 and had been affected by the economic crisis, Dr Singh said the Government is working on a project to provide a social security safety net for returning workers.
The Hindu Business Line, January 9, 2010, Page 1
Our Bureau, New Delhi
The Prime Minister, Dr Manmohan Singh, on Friday urged overseas Indians to take a careful look at the long-term investment opportunities now on the horizon pointing out that the Government is optimistic of returning to and sustaining annual growth rate of 9-10 per cent in the next couple of years.
"India today is one of the top investment destinations. Economic opportunities are expanding everywhere. Overseas Indians while being good savers tend to be somewhat conservative investors.
"Most remittances are placed in bank deposits. Foreign Direct Investment in India by overseas Indians is low and far short of potential," the Prime Minister said while inaugurating the Eighth Pravasi Bharatiya Diwas.
The Prime Minister said that the country seeks the `active' involvement of overseas Indians community in accelerating the pace of economic and social development.
The event has been jointly organised by the Ministry of Overseas Indians, Government of Delhi and Confederation of Indian Industry.
Turning his attention to semi-skilled and skilled workers abroad, who account for about 40 per cent of the over $50 billion total remittances received in 2007-08 and had been affected by the economic crisis, Dr Singh said the Government is working on a project to provide a social security safety net for returning workers.
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