India offers higher return on FDI: Ashwani Kumar

New York, May 19 (UNI) India provides higher returns on foreign direct investment (FDI) than any other country in the world, Minister of State for Industry Ashwani Kumar told American investors here.

Addressing a meeting organised by the India-American Chamber of Commerce, Dr Kumar said India was poised for a massive expansion in manufacturing, infrastructure, automobiles and auto-components and food processing sectors, besides telecommunications. He urged investors to seize the opportunity for availing themselves of huge opportunities in these sectors.

''Foreign financial analysts have concluded that India provides maximum return on investments, more than even China,'' he told the meeting held on Wednesday.

Over 100 investors, including several from major American multinationals, attended the meeting.

Earlier in the week, Mr Kumar participated in the 35th annual country day - "India Day" - in New Jersey, hosted by the New Jersey World Trade Council in collaboration with the Consulate General of India in New York.

It was attended by over 250 leading business representatives from industries located in the Tri-state area of the US comprising New York, New Jersey and Connecticut.

In his keynote luncheon address, he underlined the importance of the Tri-state area as not only a home to nearly 100 Fortune 500 companies but also home to the largest concentration of skilled Indians in the United States.

Mr Kumar also pointed out the significant change in the structure of India's GDP over the decade-and-a-half of economic reforms.

''The savings rate of the country also has moved from 23 per cent to 31 per cent during this period. There are over hundred Indian companies with a market capitalisation of over 1 billion dollar in India. The fundamentals of the economy are sound and strong and the moment for investment is now,'' he said.

He also highlighted the importance of Indo-US bilateral relations.

''I think the time has come for all of us to heed the advice of President Eisenhower that countries that share a basic love of freedom, tolerance and liberty must trust each other more and must help each other more,'' reports here quoted him as saying.

The day-long event in New Jersey focused on trade, tourism, and investment, and had several presentations and panel discussions. The event was a part of the annual International Trade Week proclaimed by the US president.

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