News: FM assures new fin instruments for NRIs

(PTI 09/01/2007) New Delhi - Expressing confidence that the Indian economy would clock close to 9 per cent growth this fiscal, Government on Tuesday promised NRIs of coming out with financial instruments for attracting their remittances for longer duration.

Pointing out that NRI remittances to India, on an average are of three-year duration, Finance Minister P Chidambaram asked them to expand their horizon to bring longer term money for at least 10 years, as well as their expertise in various fields into the country.

Addressing a Pravasi Bharatiya Divas seminar here, Chidambaram promised NRIs that the government would bring new financial instruments and institutions to help them bring longer term money and their knowledge base into India.

He particularly asked them to bring their expertise to put agriculture on a sustained growth path of not less than four per cent in a year so that fruits of growth could reach every section of society.