FM: We want your money
FM assured US CEOs that India needed FDI, technology, good management practices and governance norms.india Updated: Mar 04, 2006 00:39 IST
Finance Minister P Chidambaram was in his elements while eliciting the support of top US companies through enhanced investment commitments to enable India attain a sustained double-digit growth.
Chidambaram assured US CEOs that India needed foreign direct investment, technology, good management practices and governance norms.
The FM said at the Indo-US Business Council that the UPA government was committed to reforms. And, it was in favour of easing FDI regime, especially in insurance and banking sectors. “We want your money. Those who have money have the technology also. I want your technology also,” he told top corporate honchos of US. The FM stated that $5 billion foreign investment flow was not very impressive, and there was scope for improving this figure.
Chidambaram gave an open invitation to US firms to tap investment opportunities in infrastructure, IT hardware, automobiles, financial sector, textile, gems and jewellery.
Citing an AT Kearney report, Chidambaram said India was ahead of US as a favoured investment destination.
He said every developing country, grown into middle income nation, had engaged US. “India also wants to be a middle income country in the next 15 years.” Chidambaram asserted that FDI limits were not entry barriers.
Answering a query, Chidambaram said that rupee’s full convertibility would have to wait till the country achieved the targets set by Tarapore Committee for fiscal deficit, forex reserves, inflation and NPAs in banks and FIs.
CII President YC Deveshwar said the industry supported the move to take up the bilateral trade to $40 billion as targeted by Commerce Ministers Kamal Nath and Rob Portman.