FDI could reach $12 Billion

By siliconindia   |   Friday, 02 January 2009, 23:26 IST   |    3 Comments
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New Delhi: Foreign direct investment (FDI) inflows into India's manufacturing sector could triple to $12 billion annually, if the government eases regulatory hurdles and cuts project approval time, according to a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI). The survey said that schemes to attract foreign investment in computer hardware, capital goods, aerospace, electronic goods, food processing and shipbuilding should be made more attractive. "With a concrete and comprehensive action plan, it may not be difficult to get $12 billion of FDI in the manufacturing sector alone per annum for the next five years, which could be scaled up in subsequent years," the survey said. In 2008, FDI inflows into manufacturing companies were at $3.4 billion despite a very liberal policy for FDI in the manufacturing sector.