Industry & Economy
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Foreign Direct Investment
20 pc growth in FDI seen this fiscal
Our Bureau
New Delhi
,
Nov 28
FOREIGN direct investments are estimated to grow by 20 per cent this fiscal, the Secretary of the Department of Industrial Policy and Promotion, Mr Ajay Dua, told the World Economic Forum (WEF) here today.
FDI as on March 31, 2006, is estimated to touch $6.5 billion as spending on manufacturing and mining rises, Mr Dua said and added that investments would rise at a faster pace if roads and ports were improved, he said.
India is simplifying its investment rules to attract more overseas investment and help close the gap with China, which began to open its economy in 1978, 13 years before India. China has had $48 billion of foreign investment since January, almost 25 times the amount India received, he said.
India needs $150 billion of investment in ports, roads, power plants and other projects over the next decade to narrow the gap with China. Airports and railways will need more than $55 billion of investment in the next 10 years, $75 billion for power and $25 billion for telecommunications in the next five years, according to Government estimates and a substantial portion would be met through FDI, officials said.
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