VCs invested $ 700 mln in India during 07

New Delhi, Apr 27 (UNI) India received ivestments worth 700 million dollars from Venture Capitalists (VCs) during 2006-07, placing it next to China and the UK with 820 million dollars and 800 million dollars, respectively.

Speaking at the 'Global CXO&VCs Conclave-2007' organised by Ministry of Communications and Information Technology and ASSOCHAM, Chief Economic Advisor A K Lahiri acknowledged the greater need of the Indian corporate sector to reach out to the global financial communities.

Emphasising on the contribution of small and medium scale enterprises (SME's) he added that though the SME's contribute 39 per cent towards the total output, however the financial inistitutions are averse to funding them. He also added promoting the entrepreneurial spirit is the need of the hour with the Indian IT companies consistently demonstrating their capabilities and receiving global accolades for their processes and delivery models.

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