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India has scope to increase FDI flow: IMF
By agencies
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Thursday, 14 April 2005, 19:30 IST
NEW DELHI:The International Monetary Fund (IMF) today asked India to improve its policy environment to stimulate private investment, including FDI.
"India has scope to increase its share in FDI from the current level of 5 percent of GDP," Andrew Berg, Chief of Development Issues, IMF said on the occasion of release of a report on millennium development goals by IMF and the World Bank.
India is already an attractive destination, rated second or third in the Asian region, in terms of attracting FDI, Berg said.
"Global environment may go bad or worse, India can increase its share of FDI," Berg said.
India attracted over $5 billion FDI last year.
Against FDI comprising 5 percent of GDP in India, FDI in Thailand represents 30 percent of GDP and 35 percent in China.
Zia Qureshi, the lead author and manager of the Global Monitoring Report, 2005 on Millennium Development Goals, said official development assistance to developing countries has been on the rise during the last 2-3 years.
He attributed the rising trend in ODA to shared observation on the part of developed countries that more is needed for achieving millennium development goals and demonstration by key receiving countries that they are effectively utilizing the assistance.