Chennai: Having already witnessed a
"substantial increase" in Foreign Direct Investment over the years, India will become the leading destination for FDI in another 10 years, overtaking China, a top Japanese economist said here Monday.
Professor Shujiro Urata of Waseda University said though
India was trailing behind China in terms of attracting FDI, it
was fast catching up with its neighbour and with "quite
substantial investments over the years, will be No. 1 in the
next 10 years."
In his presentation on `Regional Economic Integration in
East Asia and Japan-India Comprehensive Economic Partnership
Agreement`, Urata compared the economic growth rates of China,
India, Indonesia and Japan with the rest of the world and said
China`s growth rate was "amazing", while India has been
"catching up very fast" since 1991.
In contrast, Japan was "suffering from a low economic
Urata said, "Indian policymakers have to deal with the
increasing population, especially population without
education, otherwise it will become a burden on the economy."
Observing patterns in Indian imports, he said India had
become more dependent on procuring parts and components.
He also hoped to see more Indian students in Japan, while
many Japanese companies were looking to invest in India.
The special lecture was organised by the
Consulate-General of Japan at Chennai and the Indo-Japan
Chamber of Commerce and Industry. It was attended by Japanese
Consul-General Masanori Nakano and B S Raghavan, the
Chancellor of the Institute of Chartered Financial Analysts of
India University, Jharkhand.