Union Minister Ravi invites diaspora to invest in India | delhi | Hindustan Times
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Union Minister Ravi invites diaspora to invest in India

Inviting the diaspora to exploit the "unprecedented opportunity" in India, Overseas Indian Affairs Minister Vayalar Ravi has said the country was projected to require investments worth USD 435 billion in next three years to develop infrastructure in diverse sectors.

delhi Updated: Jul 03, 2010 23:24 IST

Inviting the diaspora to exploit the "unprecedented opportunity" in India, Overseas Indian Affairs Minister Vayalar Ravi has said the country was projected to require investments worth USD 435 billion in next three years to develop infrastructure in diverse sectors.

Addressing a function of Federation of Aligarh Alumni Associations of the US in Chicago, he said investment in India is considered very safe as during the peak of economic downturn in 2008-09, the country posted a growth of 6.7 per cent.

"The Indian growth story is an absorbing, inspiring and continuing one. Despite one of the worst economic downturns in recent history, India posted a growth of 6.7 per cent in 2008-09, and there is optimism that we will touch the 9 per cent mark in the near future," he said.

"The investment requirement in infrastructure over the next three years is projected to be USD 435 billion. For services and manufacturing it is estimated to the tune of USD 264 billion," Ravi added.

Noting that India is one of the fastest growing economies in world today, he said Indian government has been making considerable efforts to reach out the overseas Indian community for their valuable contribution. Ravi said over 25 million overseas Indians spread across 110 countries around the globe could play a very crucial role in India's overall growth and development.

He also highlighted UPA government's flagship programmes like Mahatma Gandhi National Rural Employment Guarantee Act that aims to provide enhancement of livelihood security to households in rural areas. "Since its inception in 2005, employment has been provided to more than 40 million households," Ravi said.

He also highlighted the provisions of Right to Education Act which aims to make education a fundamental right of every child between the ages of 6 to 14. He dwelt on initiatives taken by his Ministry to engage the diaspora in India's development. "Our efforts as a ministry are to try to build a pro-active and sustained engagement with all of you," he said.