New York: India went the whole hog seeking investments from Americans as well Indian-Americans, as it launched a four-day programme to promote India as a brand and a credible destination for parking funds.
While the country’s capacity to consume $475 billion (Rs18,89,070 crore) in infrastructure development over the next five years has been well articulated, External Affairs Minister Pranab Mukherjee and Commerce and Industry Minister Kamal Nath highlighted the investment opportunities at separate events as part of the Incredible India@60 week.
“New York was not chosen by accident for organising this event. It was a deliberate choice. It is the heart of the US and melting pot of diverse cultures,” Mukherjee said, launching the four-day event, which he dubbed as an outstanding endeavour to highlight opportunities for trade, investment and tourism.
At the Pravasi Bharatiya Divas New York 2007 on 23 September, Nath said quoting a study: “75% of all Foreign Direct Investments in India were profitable and 15% were breaking even.”
While this establishes the fact that investing in India is profitable, he said the country needed to grow in technology-based manufacturing unlike China that is into mass manufacturing.
Earlier, Minister of Overseas Indian Affairs Vayalar Ravi said the role of the Diaspora has been much less than the potential. “Last year, the remittances from overseas Indians touched 23 billion,” but more could be done, he said, adding that investments have to be on long-term basis.
Addressing the inaugural of the India@60 week, Senator Charles E Schumer said A T Kearney has ranked India the best place in the world to start a business, while adding in a lighter vein “So is New York.” India is also the fast growing wealth creator, he said.