Govt keen on boosting FDI in 2006-07, Kamal Nath

27 Jan '06

1 min read

Government aims for a general foreign direct investment (FDI) of more than $10 billion during the next FY and expects about $7.5 billion in this FY, the Minister for Commerce and Industry, Kamal Nath, informed Indian media.

The actual FDI inflow till October this FY was $2.59 billion. Explaining the new FDI policy, he added that only employment generation was considered for this purpose.

Without any employment displacement or replacement, there would be generation of 100,000 jobs. It would essentially create employment for people in the 22-24 age groups, especially school dropouts, he said.

About future trends, Kamal Nath said India has to capture potential market by value adding in different fields, especially engineering goods, pharmaceuticals, chemicals, biotechnology and even sectors such as fashion, lifestyle products and leather goods.

India has already taken over global diamond market and domestic market amounts to around 85 percent of world market in terms of volume, added Nath.

IT, biotech and pharma manufacturing are combined distinctively to make India become a knowledge process outsourcing and an engineering process outsourcing destination.

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