News: Gulf investors urged to cash in on India boom

(PTI 30/10/2006) Dubai - India has urged investors in Gulf countries to make use of the favourable investment climate in the country and pour in foreign direct investment to aid its development projects.

Inviting businessman from the Gulf to invest in India, Principal Secretary to the Prime Minister T K A Nair, who is on a visit to Kuwait, said the country has a huge market and fundamentals of the economy are strong and robust.

"India needs $320 billion for its development projects over the coming five to 10 years. Our country is, therefore, keen to attract more foreign direct investment (FDI). Many countries have shown a growing interest in India mainly because of its stable democracy, huge markets and liberalised economy," he said.

Speaking at an investment seminar organised by Indo-Arab Socio-Cultural Organisation in Kuwait, Nair said investors in Gulf countries should make use of its favourable investment climate.

He said the fundamentals of the Indian economy were strong and robust. "Our current economic growth rate is more than eight per cent," Nair, who is leading a high-power Indian delegation, said.