|Rediff India Abroad Home | All the sections|
India a top FDI destination, says Nath at WEF
January 28, 2005 20:06 IST
Commerce and Industry Minister Kamal Nath made a strong pitch for foreign investment in India at the World Economic Forum meeting on Friday, pointing to the recent changes in Press Note 18 and increase in foreign investment limits in ports and civil aviation sectors.
"Existing FDI policy is very liberal with most sectors on automatic route and recent modification in Press Note 18 and increased privatisation in the port and aviation sectors," he said at a session on 'India: Bigger, Better Business Horizons' at ongoing WEF in Davos (Switzerland).
"Question for the CEOs world over is no longer should my company go to India but rather can my company afford not to be in India. On the tourism front it is 'Incredible India,' but on economic front it is clearly 'Opportunity India'," an official release said, quoting Nath.
He emphasised the policy measures taken by India to attract Foreign Direct Investment in the special economic zones.
The legislation on SEZs would be brought before the Parliament shortly to attract foreign investment in the development of zones so that units set up there could avail themselves of world-class facilities and an attractive fiscal regime with minimum regulatory restrictions, he said.In his address, Nath also referred to the robust macroeconomic fundamentals of India and the opportunities it offers in IT, pharma, tourism, health services, educational an other services.