Outflows, inflows to be $16-18 billion this year

New Delhi, Aug 31 (UNI) The government today said the expected outflows from the economy, now driven by the private sector, will be around 16-18 billion dollars with equal amount in inflows this year.

Receiving the 'FDI Personality of the Year' award, Commerce Minister Kamal Nath attributed it to India's relentless efforts to engage with the global economy and a tribute to the private sector.

''It is a matter of pride that the FDI India has made in the UK and Australia is higher than the amount of investment these countries have made in India,'' Mr Nath said.

Stating that India did not have a growth model to follow, he said that domestic consumption is still high and hence, the country needed an investment model which caters to the domestic needs.

Mr Nath said country's fundamentals are strong and there will be a sustainable growth.

''India's growth has been fuelled by domestic savings and is primarily investment driven,'' the minister added.

Countering FDI magazine editor Courtney Fingar's claim that weak IP proection laws pose hindrance to companies especially pharmaceuticals, Mr Nath said that India's credibility is recognised and it respects the IP rights.

UNI