FDI target for FY-08 at $30 bn: Kamal Nath
India is targeting $30 billion foreign direct investment (FDI) for the financial year 2006-07, Commerce and Industry Minister Kamal Nath said on Monday. "Last year, we had FDI inflow to the tune of $15.7 billion. Our FDI target for the current year is $30 billion," the minister said, adding that the annual rate of growth in the last four financial years has been above eight per cent. He also said the government is likely to soon announce a policy on private participation in certain core sectors.
"The government is in the process of bringing out a regulatory framework, which will govern private participation in the sector. We have also liberalised the FDI policy. It is allowed up to 100 per cent on the automatic route in sectors like power generation and distribution, roads and highways and ports." Inviting global players to invest in India's major infrastructure projects, Kamal Nath said: "We have estimated the requirement of infrastructure sector to be about $456 billion during the eleventh plan period (2007-2012)." "Apart from infrastructure, immense opportunities for investment exist in sectors like food processing and packaging, automobiles and auto components, IT and IT enabled services and pharmaceuticals, to name a few," he added.
Source: The Economics Times
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