Investment Pacts Can't Be Subject to Foreign Jurisdictions: FM
"We are committed to fiscal consolidation. Right now the fiscal deficit is 5.3 per cent (of GDP) and we want to reduce it by 0.6 per cent every year till it comes down to 3 per cent (by 2016-17) We have drawn the red line to implement our target," he said.
Inviting Canadian investment in infrastructure, food processing, mining and retail sector, Chidambaram said: "India welcomes foreign investors and the government has taken a number of steps to protect foreign direct investment and portfolio investment.
"India is committed to rediscover eight per cent growth path in next two to three years."
Chidambaram said that India was particularly attracted to do business with Canada, UK, the U.S. and Australia as "we have similar rooted traditions in democracy, judicial independence and business policies".
After referring to a long list of GDP growth data, the Minister said that India needs business partners who help develop the country's much needed infrastructure.
Much of that infrastructure would be constructed along with Delhi-Mumbai Industrial Corridor project, which would span across six states and extend across over 100 kms, needing an investment of $90 billion.
It offers potential opportunities for Canadian engineering firms which already have expertise working on such projects at home.
To overcome problems faced in road projects and coal sector, the Minister said the government would set up independent regulators for these sectors in four months to attract foreign investment.
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