PM sets $30 B foreign investment target
Friday, 04 May 2007, 19:30 IST
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New Delhi: Commerce Minister Kamal Nath has received a pat on his back from Prime Minister Manmohan Singh for enhanced foreign direct investment inflow into the country, even as he set a target of $30 billion for this fiscal. In a letter complimenting Kamal Nath and the Department of Industrial Policy and Promotion (DIPP) the prime minister hoped every effort would be made to cross the $30 billion mark in foreign investment inflows during 2007-08. Foreign capital inflows into India had increased to $16 billion in 2006-07 from $5.5 billion in the previous year to register a whopping 275 percent jump, as per official data. Taking into account the retained earnings, the inflow of such investment was $19 billion in 2006-07, against $7.7 billion the year before, prompting the commerce minister to set an enhanced target of $25 billion for this fiscal last month. This, he said, would be possible with the acquisition of i-Flex Solutions by a global IT firm Oracle that was expected to bring $2.8 billion into the country in addition to the enhanced investment interest in India internationally.
Source: IANS
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