Investments from US-based NRIs to touch $ 20bln in 3 yrs: Ashwani Kr

New Delhi, Jan 7 (UNI) Minister of State for Industry Ashwani Kumar today said the investments from the US-based Indians to the country will reach 15-20 billion dollars in the next three years.

''The investments from Indians abroad is expected to reach 15-20 billion dollars in the next three years from the present 3.5 billion dollars, even as the potential is much more,'' Mr Kumar told news persons here, while addressing a session on the 'United States' at the Pravasi Bharatiya Divas 2007, which started here today.

He said there will be a requirement of 525-530 billion dollars investment in the country in next five years.

The minister invited the diaspora to invest in the country's manufacturing, food processing, software and other sectors.

Commending the Indian communities in the US for their support in the Indo-US nuclear deal, Mr Kumar said, ''The success of Indo-US deal nuclear deal has shown that if the citizens of the country and those in the US will come under one platform, both the countries will be benefitted.'' Even as there is best of intellect and the largest and youngest workforce, there are 260 million people (26 per cent of the population) still living below the poverty line in India, he said urging the non-resident Indians communities in America to pool in their knowledge, innovation and technology resources to the country's growing economy.

''The government has provided them (US-based Indians) all possible support, except voting rights, which remains a contentiuos issue . The setting up of the 'Facilitation Centre' by CII being one such step,'' Mr Kumar said.

The centre has been set up to liase and advice overseas Indians on matters relating to investment in India, he added.

Mr Kumar further said that India receives highest remittances of 23 million dollars from the United States.

UNI