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.