India envisions surge of FDI in manufacturing from US
27 Jan 2015
As the Narendra Modi government pushes its Make in India programme, minister of state for finance Jayant Sinha said on Sunday that the country would soon see a surge in foreign direct investment (FDI) from the US and other countries.
He was speaking at an 'India-US dialogue', organised by the Observer Research Foundation and Network18 even as US President Barak Obama was on a visit to India.
"Discussions that I am having with American business people, I can tell you those business plans, those investments are being worked out and soon we will see a surge of FDI coming to India," he said.
Sinha said the government was trying to accelerate manufacturing in India. "It becomes a very important area where we can operate," he said, adding both countries stand to benefit.
On FDI in multi-brand retailing, however, Sinha reiterated the government stand that it would adversely impact millions of small traders.
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