India wants FDI, will address investors'' concerns: Sharma

Laxmi Devi

Rome, Feb 2 (PTI) Days after the India''s EnvironmentMinistry cleared South Korean steel major Posco''s USD 12billion project in Orissa, Commerce and Industry MinisterAnand Sharma today said if foreign investors have anyconcerns, the government will address them.

"If there are issues to be addressed, the government willproactively address them because we want foreign directinvestment (FDI)," Sharma told PTI.

Sharma is here leading a Ficci business delegation.

Billed as the largest foreign investment project in thecountry, the Environment Ministry on Monday had given thego-ahead to Posco to set up a 12 million metric tonnes perannum steel plant in Orissa. The project has been stalledsince 2005 over various environmental issues.

Assuring foreign investors of all possible help, Sharmasaid India, a favoured destination for FDI, has a stable andinvestor-friendly policy regime.

"I reassure the investors that India will have a robustpolicy regime, stability of policy and no reversibility and afriendly FDI policy," he said.

The Department of Industrial Policy and Promotion, underSharma''s charge, last year took several steps, includinginitiating discussions on opening up the multi-brand retailand defence sectors for FDI.

The DIPP is also involved in preparing a nationalmanufacturing policy to increase the share of these activitiesin the GDP to 24 per cent from 16 per cent at present.

"That''s the only way we will be able to ensure gainfulemployment and sustainable income for a large (number of)young people," he said.

"We have concluded inter-ministerial consultations. Wewill take a final view very soon," Sharma said.