New Delhi, Aug. 28 Foreign direct investment (FDI) figures this year are expected to match that of last year, according to the Minister for Commerce and Industry, Mr Anand Sharma.
Speaking at the sidelines of a seminar organised by the Federation of Indian Chambers of Commerce and Industry, the Minister said that India is an attractive destination for foreign investments.
While he did not give out any figures, Mr Sharma said that FDI this year should match last year’s figure. India attracted FDI of about $27 billion in 2008-09.
Regarding Customs and revenue notifications relating to the Foreign Trade Policy (FTP), Mr Sharma assured the industry captains that all notifications will be out within the next week.
Transaction costs
Mr Sharma also said that the Government is determined to reduce transaction costs for Indian exporters. “The current policy has already reduced the application fees for exporters and the Government will work to simplify export policies and procedures. Electronic trade is important and will be looked at in a time bound manner,” added Mr Sharma.
The Minister said the Government is also looking for an inter-State council meeting to simplify and rationalise procedures between States. The meet could take place around the same time as that of the National Development Council meet.
Mr Sharma said, “The Directorate General of Foreign Trade (DGFT) is trying to implement e-governance in trade for the benefit of exporters. We have started with nine products and services with five States and hope that by 2015 all States will be covered by this initiative. Our hope is that the States, across party lines, will come on board to support the initiative to make exports competitive.”
Conservative FTP
Regarding the conservative FTP, the Minister said the policy has been unveiled in a very challenging backdrop, “Though targets set in the policy are conservative, they are pragmatic and realistic.” Speaking at an interactive session of the Confederation of Indian Industry, he added that the FTP attempts to diversify India’s export products and markets.
Mr Sharma said that there is yet to be a turnaround in the world economy saying that the “green shoots” have not been seen yet. “We can’t wait for a turnaround in traditional markets. The time is right to engage in new and emerging markets.”
Source : Business Line