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India likely to attract $250 bn FDI in next five years: Sharma
New Delhi, Jan 20 (Agencies):
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Published on 21 Jan. 2011 12:13 AM IST
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The government today said it aims to attract, in the next five years, a whopping USD 250 billion foreign direct investment into India, which has become an investor-friendly destination for global investors.
“In the next five years, we are aiming to have USD 250 billion FDI coming into India,” Commerce and Industry Minister Anand Sharma said at a CII function here.
The target of USD 250 billion looks ambitious in the wake of India receiving cumulative FDI of USD 124 billion into equity in the last 10 years. This fiscal FDI inflows stood at USD 14 billion during April-November 2010-11, a decline of 27 per cent over the same period last year.
The government is taking steps to attract more and more foreign direct investment (FDI). It is considering to allow FDI in sectors like multi-brand retail and defence.
Sharma said that during the global economic crisis, India remained one of most attractive destination for foreign investors.
“We have an investor-friendly policy regime,” he said. Speaking on the occasion, South Korean Trade Minister Kim Jong-Hoon said that huge business opportunities are available for Indian and Korean companies in each others region.
The visiting minister is here for the first review of the India-South Korea Comprehensive Economic Partnership Agreement (CEPA), implemented a year ago.
After the implementation of the free trade pact, the two-way trade between the countries grew by about 45 per cent during January-November 2010 to USD 15.6 billion.

 
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