India to ally investors' fears: Ashwani Kumar
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India to ally investors' fears: Ashwani Kumar

With a view to wooing investments, India will soon come out with a policy that will seek to address manifold concerns of investors.

india Updated: Jun 09, 2006 08:32 IST

With a view to wooing mega investments into the country, India will soon come out with a policy that will seek to address manifold concerns of domestic and foreign investors.

"This is a pro-active step to woo mega investments into investment regions for which a cabinet policy is soon going to be drafted and finalized. And the idea was when we draft the policy, we interact with the people and take on board their concern so that their views are reflected in the policy," Minister of State for Industry Ashwani Kumar told reporters.

The Cabinet note in this regard is yet to be finalized "but a lot of work has been done on it, a lot of policy parameters have been drawn up", the minister said.

Kumar had a meeting with top American CEOs of Petroleum and Petro-chemicals sector along with a delegation that consisted of the chief secretaries of West Bengal, Gujarat, Andhra Pradesh and Karnataka.

These are states that have been identified to take a shot at the petroleum and petrochemicals investment regions.

The reactions of the CEOs have been "extremely positive and upbeat" on India, Kumar said.

A majority of them have said they will be expanding their existing capacities in India and go for fresh green field projects in the country because "everybody with whom we engaged with were convinced of India's economic potential", he said.

He said the government was giving prominence not only to Petroleum sector and similar ventures could come about by way of Manufacturing zones or IT and Knowledge zones with investments eventually slated in the billions of dollars.

First Published: Jun 09, 2006 08:32 IST