Body to woo Indian, overseas investors

Thursday, 08 July 2004, 19:30 IST
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NEW DELHI: The Indian government Thursday said it would set up an investment commission to create an environment for enhanced investment in the country by domestic and overseas companies. Presenting the budget for fiscal 2004-05, Finance Minister P. Chidambaram said the commission would have the authority to "engage, discuss with and invite" domestic and foreign businesses to invest in India. An eminent person, to be nominated by the government, will chair the commission, the finance minister told parliament. "I believe that the key to growth is investment - public and private, domestic and foreign. It is, therefore, my intention to considerably enhance investment in all sectors of the economy," said Chidambaram. "It is my goal to make the environment in India attractive for investors." Chidambaram said the Congress-led coalition government would continue to encourage foreign direct investments, especially in areas of infrastructure, high technology, and exports. To enhance competitiveness in the manufacturing sector, the minister said a "national manufacturing competitive council" would be set up to recommend industry-specific policy initiatives.
Source: IANS
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