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Govt sets a target of $10 bn FDI in 2006-07

Written by: Staff
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New Delhi, Apr 19: Having received a record Foreign Direct Investment of .2 billion in 2005-06, the government has set an ambitious target of billion FDI for 2006-07.

''The FDI inflows increased by 50 per cent in 2005-06 and the trend is likely to continue, which means we will get about 10 billion dollar in the current financial year,'' Commerce and Industry Minister Kamal Nath said here today.

When asked about the controversy on the reservation of jobs in the private sector, Mr Nath said ''it would have no impact on the FDI.'' The FDI inflows for 2005-06 were 7.2 billion dollar of which 4.8 billion dollar accounted for equity capital and 2.7 billion dollar for reinvestment as against a total FDI of 5.3 billion dollar of which 3.2 billion dollar was in equity and 2.1 billion dollar in reinvestment in 2005-06.

The FDI was increasing and the Inflation was in control, these were healthy signs of the overall growth of the FDI, Mr Nath said adding that he expected the FDI to cross its 10 billion dollar mark this year.

Mr Nath released a Compendium on ''India's Foreign Direct Investment Policy'' at the second and last day of the Confederation of Indian Industry's (CII) National Conference.

Addressing the mediapersons, he said the government took a review of the FDI Policy keeping in view its role in the long term economic development of the country, not only as a source of capital but also for enhancing competitiveness of the domestic economy.

''Liberalisation of the FDI policy is expected to attract large FDI inflows in the development of infrastructure and technological upgradation of the Indian industry,'' he said.

UNI

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