Commerce and Industry Minister has been named “FDI Personality of the Year 2007” for Asia as well as the worldwide winner by FDI magazine and Financial Times Business, which is published by the Financial Times Group in London.
“This award is in recognition of your active efforts to attract foreign businesses to India, boost exports, and promote trade and investment – the results of which have been a substantial increase in FDI inflows to India and a rise in export volumes last year, contributing to the continued economic development of the country and adding to its attractiveness as an investment location”, said the citation by premier publication.
Nath stated that India’s exports have almost doubled from Rs.293367 crore in 2003-04 to Rs.563800 crore during 2006-07. India’s exports grew at an average annual growth rate of about 25 per cent during the past 3 years.
The FDI equity inflows during the year 2003-04 stood at Rs.10237 crore and have risen to Rs.70630 crore during the year 2006-07, amounting to a cumulative growth of 700 per cent.
The publication said by choosing “FDI personality of the Year” it recognises the political and business leaders around the world who have been the most proactive and innovative in securing foreign investment.
“You join the ranks of such previous winners as Mexican President Vincente Fox, Brazilian President Luis Inacio Lula da Silva, Mayor of Seoul Lee Myung-bak and Premier of Ontario Dalton McGuinty,” the citation for Nath said.