FDI & FII inflows to cross $50 b:Anand Sharma
Economic Times, January 30, 2010, Page 4
Sudeshna Sen DAVOS
FDI into India is looking set to be more than $25 billion, and FII inbound flows should be more than $25 billion, estimates commerce minister Anand Sharma, though December formal figures aren’t out yet.
Mr Sharma, who had a private session with over 50 foreign CEOs, told ET that investor sentiment towards India was very positive in the series meetings he has had at Davos.
“The money is already coming in, and investor sentiment is very positive,” he told ET. Mr Sharma invited gathered CEOs to invest in R&D and innovation in geo-technology sector in India, at the same time pointing out that FDI flows work both ways, and Indian companies are now going outbound and investing in other economies and creating jobs globally.
He also defended India’s financial sector reform policies. “We leave the regulation of the financial sector to RBI, and the events of the past two years has shown the wisdom of this approach,” he said.
Selling the India story, Mr Sharma reiterated that the unified FDI policy, currently under discussion will subsume 177 Press Notes and be operational by March 31 to make things easier for foreign investors. In addition, he pointed to the government-industry initiative Invest India will help foreign companies in individual sectors.
Speaking to ET, Mr Sharma said that the biggest concern facing the world today is that the recovery, while it is happening, is very weak in developed markets. “It is universal, but not uniform,” he said. “The worry is that this may affect our trade flows, but confidence in India is very high,” he said. And it’s also why he advocates a cautious, deliberate, and perhaps sector by sector approach to withdrawing economic stimuli. “Not all sectors have recovered, and these sectors need time both globally and in India, we should look at a deliberate and cautious approach.” India, he adds, has already discussed its trade imbalance with China, and he has received assurance from the Chinese government that this will be tackled. While at Davos, Mr Sharma will meet up with 23 other ministers for a mini-ministerial on the Doha WTO round, what he calls an informal meeting to take stock. “We will see where the negotiators stand now, and discuss things at an informal level,” he said.
Economic Times, January 30, 2010, Page 4
Sudeshna Sen DAVOS
FDI into India is looking set to be more than $25 billion, and FII inbound flows should be more than $25 billion, estimates commerce minister Anand Sharma, though December formal figures aren’t out yet.
Mr Sharma, who had a private session with over 50 foreign CEOs, told ET that investor sentiment towards India was very positive in the series meetings he has had at Davos.
“The money is already coming in, and investor sentiment is very positive,” he told ET. Mr Sharma invited gathered CEOs to invest in R&D and innovation in geo-technology sector in India, at the same time pointing out that FDI flows work both ways, and Indian companies are now going outbound and investing in other economies and creating jobs globally.
He also defended India’s financial sector reform policies. “We leave the regulation of the financial sector to RBI, and the events of the past two years has shown the wisdom of this approach,” he said.
Selling the India story, Mr Sharma reiterated that the unified FDI policy, currently under discussion will subsume 177 Press Notes and be operational by March 31 to make things easier for foreign investors. In addition, he pointed to the government-industry initiative Invest India will help foreign companies in individual sectors.
Speaking to ET, Mr Sharma said that the biggest concern facing the world today is that the recovery, while it is happening, is very weak in developed markets. “It is universal, but not uniform,” he said. “The worry is that this may affect our trade flows, but confidence in India is very high,” he said. And it’s also why he advocates a cautious, deliberate, and perhaps sector by sector approach to withdrawing economic stimuli. “Not all sectors have recovered, and these sectors need time both globally and in India, we should look at a deliberate and cautious approach.” India, he adds, has already discussed its trade imbalance with China, and he has received assurance from the Chinese government that this will be tackled. While at Davos, Mr Sharma will meet up with 23 other ministers for a mini-ministerial on the Doha WTO round, what he calls an informal meeting to take stock. “We will see where the negotiators stand now, and discuss things at an informal level,” he said.
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