India assures global investors of a stable policy regime
India has assured global investors of a stable policy regime, stating no government initiative has ever been reversed or questioned in the past two decades.business Updated: Sep 18, 2009 14:57 IST
India has assured global investors of a stable policy regime, stating no government initiative has ever been reversed or questioned in the past two decades.
"In a democracy, decisions may take time, but every decision is backed by strong national consensus. No policy initiative we have taken in the last two decades has ever been reversed or questioned by successive governments," Commerce and Industry Minister Anand Sharma said at the 'Emerging Markets Summit, 2009' organised by The Economist magazine in London.
Contrary to the global trend of a sharp decline in foreign direct investment, India's FDI inflows in July this year increased by 56 per cent to $3.51 billion, marking return of confidence of global investors in the country.
Sharma said the country has weathered the global economic crisis much better than most countries, adding "India today is one of the most attractive destinations for investment."
Participating in the panel discussion - 'Riding the elephant: doing business in India', Lord Meghnad Desai, said there was tremendous growth potential in rural areas and small towns in India.
A representative of ArcelorMittal said the company is proud to be part of India's growth process. "We want to successfully implement the greenfield steel project in Orissa and we want to bring the best technology to India."