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India a preferred FDI spot for Eurozone

business Updated: Jun 06, 2011 22:49 IST
HT Correspondent

Despite regulatory hurdles, India continues to be among the preferred destinations for foreign direct investments (FDI) due to it’s high economic growth, with both Mumbai and Delhi ranking among the cities likely to produce the next Microsoft or Google, a survey of 800 executives by consultancy firm Ernst & Young (E&Y) has said.

According to the 9th Annual European Attractiveness Survey by E&Y, both Mumbai and New Delhi have the best chances of producing the Next Microsoft or Google in the coming years, while Shanghai topped the chart. Around 8% of respondents named Mumbai and 4% named New Delhi, as the promising cities,” the report said.

Around 31% of participants felt that Western Europe and China would be among the most attractive markets for investing within the next three years. “India ranked at fifth position, with 17% of respondents believing the country to be a profitable economy for expansion of business,” the report said.

“India is undergoing a transition in terms of investor perception of its market potential, bolstered by economic growth projected to surpass 8% annually,” it said.

The Indian economy grew by 8.5% in 2010-11, up from 8% in the previous fiscal year.

The survey also found that Asian countries find Europe to be a good investment destination, with India ranking 11th among top global investors to the continent.