Centre, Left unite against US remark | delhi | Hindustan Times
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Centre, Left unite against US remark

A day after US President Barak Obama remarked India prohibits foreign investments in too many sectors, the Prime Minister's Office cited international reports to point out that India is still a favoured destination for international investors.

delhi Updated: Jul 16, 2012 22:57 IST
HT Correspondent

A day after US President Barak Obama remarked India prohibits foreign investments in too many sectors, the Prime Minister's Office cited international reports to point out that India is still a favoured destination for international investors.

The PMO's three posts on Twitter spoke on United Nations Conference on Trade and Development (UNCTAD)'s latest report and said, "FDI inflows to South Asia turned around as a result of higher inflows to India, the dominant FDI recipient in the region."

It also mentioned that FDI inflows in China and India saw rise by nearly 8% and 31%, respectively and that "India is the 3rd most desirable destination for FDI."

In an interview to PTI, Obama had noted: "In too many sectors, such as retail, India limits or prohibits the foreign investment…"

Meanwhile, an unfazed the Congress maintained that the UPA government would continue to makes policies only on national interest and not under pressure.

Echoing similar sentiments, commerce and industry minister Anand Sharma said policy decision is a "sovereign" right.

He also maintained that the reality about India's investment climate is different from what Obama perceives and that the US too, needs to fight against protectionism.

Planning Commission deputy chairman Montek Singh Ahluwalia however said that there is a need to strengthen the investment climate as many countries have been expressing concerns.

The Left parties, however, slammed the US president for his attempt to pressurise to open up various Indian business sectors such as multi-brand retail trade.

Meanwhile, Opposition-backed presidential candidate PA Sangma termed the remarks as "shameful".

(With PTI inputs)