Games will boost foreign direct investment in India
Commerce and Industry Minister Anand Sharma on Monday said the 12-day Commonwealth Games will have a positive impact on the Indian economy and help attract more foreign direct investment into the country.business Updated: Oct 04, 2010 20:46 IST
Commerce and Industry Minister Anand Sharma on Monday said the 12-day Commonwealth Games will have a positive impact on the Indian economy and help attract more foreign direct investment (FDI) into the country.
"The Commonwealth Games will boost the FDI in the country. It will have a multiplier effect on Indian economy. It will help India further attract foreign direct investment," said Sharma, inaugurating Commonwealth Business Forum, organised by Commonwealth Business Club India (CBCI).
"In the last three years, India has attracted foreign investment worth around $100 billion," said Sharma.
India expects foreign investments to the tune of around 30 billion in fiscal 2010-11.
The CBCI has been launched jointly by Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII) and Organising Committee for New Delhi Commonwealth Games 2010.
The meet was attended among others by Singapore's Deputy Prime Minister Teo Chee Hean, International Olympic Committee president Jacques Rogge and Commonwealth Business Council's Co-chairman Rahul Bajaj.
Business delegation from several Commonwealth countries including, Australia, Malaysia, Singapore, South Africa, Britain and Canada participated in the meet.
The forum aims at promoting in-depth understanding on how business of sports can have long-term spin-off effect on the trade and investment relations between organisations through business interactions.
Referring to the dazzling launch of the Games here Sunday, Shrama said it was a befitting reply to sceptics doubting India's abilities to launch such mega events.
"A lot of people asked me last week in Canada if India, experiencing hitches in preparation of the Games and meeting various deadlines, should have at all gone in for a mega event like this. Yesterday's show was a befitting reply to those people doubting India's abilities," said Sharma.
According to an estimate by the Organising Committee, the Games would spurt India's growth by 4,940 million dollars over the next four years.
The 12-day sporting extravaganza would also create an employment opportunity close to 24.7 lakh.
"It is estimated that the Commonwealth Games 2010 would result in an overall economic impact of approximately $4,940 million on India over the period of 2008-12," said the document.
The document added that the figure is almost three times the economic impact the 2006 Melbourne Games had on Australian GDP.
It said the 2002 Manchester Games created an impact of nearly $3,400 million in Britain's economy, while the Melbourne Games created an impact of $1,600 million on Australia's.
The document also talked of positive impact on country's social sector.
"The social and environmental impact of the Games will be highly laudable as they are bound to encourage improved standards of education to children, boost sports activities, create a better quality of life and experience for citizens, increase international recognition and create environmental consciousness among the community," it said.