Inviting Americans and non-resident Indians to invest in India, Commerce Minister Arun Jaitley assured them that the country has taken decisive steps to upgrade infrastructure and fine tune economic policies.

Jaitley also offered investors all facilities and incentives in the Special Economic Zones in which, he said, the private sector would be the major player.

"Indian economy because of its basic soundness has withstood the shock of terrorism, Iraq war and global economic slow down and has continued to grow," he said.

He said India had achieved economic growth despite anti-terrorism steps taking a large chunk of the country's resources, both men and material. "India has turned the corner to become a nation of surpluses from one of shortages whether in industry, education and telecommunications."

Promising streamlined investment process, Jaitley said investors would have one window clearance of all their problems and issues that might come up.

The minister said India is seeking investments in diverse sectors and has great potential in the areas of biotechnology, pharmaceuticals and telecommunication.

Criticising attempts in some American states to restrict outsourcing of call centres and information technology services, Jaitley said the Indian Government has taken up the issue at high levels in the US.

Jaitley also criticised the huge subsidies being given by the rich countries to the farming sector and said this affected competitiveness of the farmers in the developing nations where governments cannot afford to subsidise agriculturalists to such an extent.

On economic liberalisation in India, he said the policy "has come to stay" as now they have the full support of the people to whom the benefits of an open economy have started percolating.

"They now realise that this is the best way out of poverty," he said while pointing out the immense progress the country has made since independence when more than 50 per ecnt people lived below the poverty line.