New Delhi, Nov 13: Promoting India as a prime foreign investment destination, the government said today that return of 19.33 per cent on foreign direct investment in India was far higher than 14.25 per cent of China's. Also, the country has attracted USD five billion worth of foreign investment so far, which Industry Secretary R R Shah termed as "unprecedented".
In his address at a conference on investment friendly tax and corporate law regime organised by Ficci, Shah said, "FDI in India gives a return on investment of 19.33 per cent against China's 14.25 per cent and Thailand's 13.3 per cent. This is not what we are saying but what the us trade representative has said in its latest report".
He said five billion foreign investment inflow into India so far was "unprecedented".
"For the first time in two years we have a positive balance of trade with both the USA and China. Foreign exchange reserves are expected to touch USD 100 billion by the end of this calendar year; they are growing at the rate of half a billion Dollars every week."
Shah said with such positive indicators, India should become the prime investment destination for foreign investors.
Ficci vice-president Onkar S Kanwar pointed out at multiplicity of local taxes that discourage investments while suggesting that the contribution of services to taxes must increase.
Bureau Report