India needs to liberalise, change policies to attract more FDI: World Bank

New Delhi, Sep 17(ANI): World Bank consultant Premila Nazareth on Thursday emphasised that India needs to liberalise and change its policies to attract more foreign direct investments.

During the release of the annual study of worldwide investment trends by the United Nations Conference on Trade And Development (UNCTAD) in the national capital, Nazareth also blamed the bureaucracy in India as the main reason for less inflow of foreign investments.

"FDI (Foreign Direct Investment) policies do not need much changes to increase FDI inflows. Policies are fine. The rest of the policies, bureaucracies and regulations are creating problems for people and these are the reasons behind less inflow of FDI. The policies are liberal, but we need to change and liberalise the sectoral policies of various sectors for private investments," Nazareth said.

Nazareth further said that India and China are being seen as strong contenders for the Global Direct Investment (GDI) due to their emerging economy status.

"India's position as a recipient country in the global FDI picture is only going to strengthen over the next few years because global investors are now looking more and more the emerging world as a whole. China and India are seen as very strong players, markets with guaranteed growth in a way and this is only going to grow," Nazareth added. (ANI)