Davos: Global investors are bullish on India
as recovery in developed economies remains weak, Commerce
and Industry Minister Anand Sharma said here.
Sharma, who met several heads of corporates from the US,
Europe and other developed countries in the last two days
here, said that investors have shown a lot of interest in
investing and bringing new technology to India.
"They have some concerns but overall the investor
confidence is high," Sharma told reporters here. He said India
and China are hyphenated as the two important emerging
economies witnessing the shift of the economic balance of
power.
"The shift is clearly acknowledged. And the new world
economic order is headed in the right direction, reflecting
the ground realities," the Indian minister said.
Secretary in the Department of Industrial Policy and
Promotion R P Singh, one of the panelists in the meeting of
the top global automobile companies, said global firms were
looking at India and China to set up manufacturing facilities.
"There was a general refrain and acceptance in the west
that slowly the manufacturing sectors will shift to China and
India. This is not only because of the strong domestic demand
but also the fact China and India are able to produce goods in
a cost effective manner," Singh said.
Nano, billed as the world's cheapest car from the house
of Tata Motors, has forced the western companies to "rethink
and redesign" their strategy.
Foreign Direct Investment in India has crossed USD 100
billion since 2000.
PTI
First Published: Friday, January 29, 2010, 20:22