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Business News/ Companies / India sets $30 bn FDI target in 2007-08
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India sets $30 bn FDI target in 2007-08

India sets $30 bn FDI target in 2007-08

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By PTI

Mumbai: The government seeks to double the FDI inflow to $30 billion this fiscal in order to maintain a growth rate of 9% per annum over the next five years.

“While FDI equity flows were $5.5 billion in 2005-06, it increased almost three times to $15.7 billion in 2006-07. We have set a target of $30 billion in 2007-08," Union Minister for Commerce and Industry Kamal Nath said on 29 May at the 3rd India-Gulf Corporation Corporation (GCC) Industrial Forum said here.

Nath said resources for these investments are expected to come from both domestic and foreign sources.The economy grew by 9.2% in the last fiscal.

“To achieve a growth rate of 9% per annum over the next five years, starting 2007-08 we need an investment rate of 35.1 of GDP," the Minister added.

Nath also said that the government was in the process of negotiating a free trade agreement with GCC and expected that the talks would conclude successfully very soon.

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Published: 29 May 2007, 02:23 PM IST
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