Even as Planning Commission Deputy Chairman Montek Singh Ahluwalia dispelled the impression that India was after NRI funds, the Chief ministers sought their investment in key infrastructure and social sectors.
“I think we can get rid of the notion that we are connecting with the NRIs (Non-Resident Indians) because we want investment...we are not reaching out to NRIs because we need money," Ahluwalia said at the Pravasi Bhartiya Divas. “At least 95 per cent of investments in the country is domestic investment.”
Of the total Foreign Direct Investment (FDI), the share of Non-Resident Indians (NRIs) was just 1.3 %. The cumulative FDI in the country since 1991 stands at US $ 179.45 billion. India received USD 46.9 billion as remittances during 2008-09.
To attract 25 million diaspora, the state government showcased their investor-friendly policy initiatives while identifying education and healthcare as key areas for deeper two-way engagement.
Gujarat Chief Minister Narendra Modi said inclusive growth should be the "mantra" of THE development process if India has to emerge in the right earnest.
“This decade of Gujarat has been a decade of phenomenal growth. We have not only registered overall double digit GDP growth but our important sectors also have registered double digit growth," he said a gathering of around 1,500 NRIs and Persons of Indian Origins (PIOs).
Further, the Chief Minister said the state contributes to 22 per cent of total exports and 30 per cent of the stock market capitalisation of the country, which reflects the opportunities and dynamism of the state economy.
Haryana Chief Minister Bhupinder Singh Hooda described his state as land of opportunities and said it had grown at 8 per cent even during the worst period of economic meltdown.
“Haryana has made rapid strides and carved a niche for itself. The state, which was largely an agrarian initially, is now one of the most industrialised states in the country with the manufacturing and services sector contributing about 80 per cent of the gross state domestic product," he said.
Ahluwalia said India was reaching out to NRIs because of the long, socio-cultural footprint it shares with them but was categorical in stating that if they don't feel ready to invest in India, they should not be don't be apologetic. “It's our job to get investors...Indian or foreigner doesn't matter," he said.