360° Coverage : India offers huge foreign investment opportunity: Chidambaram

1 Updates
India offers huge foreign investment opportunity: Chidambaram
Photo Credit: RAVEENDRAN, Getty Images

India offers huge foreign investment opportunity: Chidambaram

Oct 11 2013, 11:48pm CDT | by IANS

Washington, Oct 12 (IANS) Expressing confidence that India will see a long spell of high, sustained growth, Finance Minister P. Chidambaram has said the country offers huge opportunity for foreign investment with high returns.

Washington, Oct 12 — Expressing confidence that India will see a long spell of high, sustained growth, Finance Minister P. Chidambaram has said the country offers huge opportunity for foreign...

Filed under: news

YouTube Videos

 
 
 

1 year ago

India offers huge foreign investment opportunity: Chidambaram

Oct 11 2013, 11:48pm CDT | by IANS

Washington, Oct 12 (IANS) Expressing confidence that India will see a long spell of high, sustained growth, Finance Minister P. Chidambaram has said the country offers huge opportunity for foreign investment with high returns.

Washington, Oct 12 — Expressing confidence that India will see a long spell of high, sustained growth, Finance Minister P. Chidambaram has said the country offers huge opportunity for foreign investment with high returns.

"The focus of the Indian economy has been on the infrastructure investment, which has grown massively supported by increased private sector participation," he said at an event here Friday for the announcement of first closure of IDFC's second infrastructure fund.

Total investment requirements for power, roads, ports, civil aviation etc. during the Twelfth Plan period is projected at $1 trillion, nearly half of which is expected to come from the private sector, Chidambaram noted.

"This provides an ample opportunity for foreign investments to reap benefits from the high returns from India," he said referring to several massive infrastructure projects underway.

These included Delhi Mumbai Industrial Corridor that will link Delhi to Mumbai's ports covering an overall length of 1483 km passing through six States, entailing over $90 billion in investment,.

India, in recent years, has emerged as one of the leading Public Private Partnerships (PPP) markets in the world, he said with the government promoting PPP as an effective tool for bringing private-sector efficiencies for delivery of quality public services.

India currently has over 1000 PPP projects in the infrastructure sector with a total project cost (TPC) of about US $ 97 billion.

Pointing to steps taken to make India more attractive for Foreign Direct Investment, Chidambaram said FDI limits have been increased in several sectors, including retail, civil aviation and telecom, and restrictions in the banking sector have been eased.

FDI up to 100 percent is allowed, under the automatic route, in most of the sectors/activities. Investors are only required to notify and file documents at the regional office of the Reserve Bank of India, he said.

Through policy interventions and tax incentives, India has encouraged Infrastructure Development Funds, Chidambaram said calling it an i"nnovative attempt to address the issue of sourcing long term debt from foreign investors for infrastructure projects."

Potential investors in these will be overseas High Net Worth individuals and institutional investors like Sovereign Wealth Funds, Insurance and Pension Funds, he said.

He congratulated IDFC established by the Government of India in 1997 to lead private investment flows into Indian Infrastructure on successfully conveying the robustness of the Indian infrastructure investment opportunity to foreign institutional investors.

Noting that these investors have committed $644 million towards first close of its Second India Infrastructure Fund, Chidambaram expressed confidence that they will shortly achieve the target size of $1 billion.

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Ebola outbreak in Senegal over: WHO
Geneva, Oct 17 (IANS) The World Health Organisation (WHO) Friday declared the Ebola outbreak in Senegal was finished, commending the West African country on its diligence in ending the transmission of the virus.
 
 
Brussels Airport to intensify passengers screening for Ebola
Brussels, Oct 17 (IANS) Brussels Airport authorities Friday said they would increase screening of passengers coming from Ebola-affected countries.
 
 
Obama to appoint Ron Klain to lead US Ebola fight
Washington, Oct 17 (IANS) US President Barack Obama is expected to appoint Ron Klain, best known for serving as chief of staff to both Vice President Joe Biden and former vice president Al Gore, as the single person leading the government's effort to fight Ebola, a media report said here Friday.
 
 
British PM appeals to world leaders to support anti-Ebola fight
London, Oct 17 (IANS) After the UN chief berated the nations over their cold response to contain Ebola, British Prime Minister David Cameron has called on world leaders to "wake up" to the crisis posed by the disease's outbreak, and follow Britain, the US, and France to medically and financially support countries in West Africa .
 
 
 

Latest from the Network

Bush shoe-tossing painting hits record at Doha auction
Doha, Oct 15 (IANS/EFE) A controversial painting by Iranian artist Mahmud Obaidi, depicting an Iraqi journalist throwing shoe in 2008 at then US president George W. Bush, was sold for $62,500 at a Sotheby's auction in...
Read more on Celebrity Balla
 
US offers $45 mn bounty for eight terror leaders
Washington, Oct 15 (IANS) The US said Tuesday it is offering rewards totalling up to 45 million dollars for information on eight key leaders of the Al Qaeda in the Arabian Peninsula (AQAP) terrorist organisation. The...
Read more on Politics Balla
 
UNSC extends peacekeeping mission's term in Abyei
United Nations, Oct 15 (IANS) The UN Security Council (UNSC) has renewed the mandate of the UN peacekeeping mission in the Abyei border region between Sudan and South Sudan. In an unanimously adopted resolution, the...
Read more on Politics Balla
 
Ebola cases in West Africa could reach 10,000 per week: WHO
Geneva, Oct 15 (IANS) The World Health Organisation (WHO) has warned that the Ebola epidemic in West Africa could reach 5,000 to 10,000 cases per week by the first week of December. "Quite frankly, ladies and...
Read more on Business Balla
 
Turkey, Singapore sign strategic partnership agreement
Ankara, Oct 15 (IANS) Turkey and Singapore have signed a strategic partnership agreement to boost economic, political and cultural cooperation, as well as security collaboration, during the official visit of...
Read more on Politics Balla
 
Christina Aguilera is returning to 'The Voice' USA
Christina Aguilera will return to 'The Voice' USA next year. The 'Your Body' hitmaker, who previously shared a rotating spot on the judging panel with Shakira, has been replaced by Gwen Stefani this season as she is...
Read more on Celebrity Balla
 
Kesha's music producer hits back
Kesha is being countersued by her record company boss, Dr. Luke. The 41-year-old music producer, who runs Kemosabe Records, claims the 27-year-old 'Tik Tok' singer is a liar and is trying to extort him after she accused...
Read more on Celebrity Balla
 
Jason Derulo won't get back together with Jordin Sparks
Jason Derulo insists his split from Jordin Sparks is permanent. The 'Talk Dirty' hitmaker, who recently ended his relationship with the 'No Air' singer after three years of dating, has ruled out getting back together...
Read more on Celebrity Balla
 
Josh Groban feels 'very lucky' to be dating Kat Dennings
Josh Groban feels ''very lucky'' to be dating Kat Dennings. The 'Brave' hitmaker was very nervous before singing in front of the '2 Broke Girls' actress for the first time at the Carousel of Hope Ball in Beverly Hills,...
Read more on Celebrity Balla
 
Australian Richard Flanagan wins 2014 Man Booker prize
London, Oct 15 (IANS) The first Man Booker prize to allow American nominees was Tuesday night won by an Australian, with Richard Flanagan triumphing for a novel of love and war that tells the harrowing stories of...
Read more on Celebrity Balla