Stating the policy initiatives unveiled by the Modi government have made India a preferred destination for FDI, President Pranab Mukherjee on friday said that these present an excellent opportunity for domestic as well as overseas players to invest in the country.
“A spate of measures aimed at reviving the economy has shown the green shoots are already visible and in the first quarter of the current financial year our GDP has registered a growth of 5.7 per cent. India is already a preferred destination for foreign direct investment,” Mukherjee said at the inauguration of the India International Trade Fair (IITF).
Elaborating further, the President said: “In the recent policy framework, there has been substantial improvement in the conditions of direct foreign investment. In the railway infrastructure the (FDI) ceiling is 100 per cent, in the defence production it is 49 per cent and in the insurance sector it is 49 per cent”.
“These policy measures initiated by the current government and Prime Minister’s call for Make in India provide an excellent opportunity for the prospective investors from within the domestic area and outside,” he said.
Over 6,500 companies and 25 foreign countries are taking part in the IITF 2014, which opened here today.
The theme of the fair this year is ‘Women Entrepreneurs’ aimed at helping organisations integrate women welfare programmes in different parts of the country.
Commerce & Industry Minister Nirmala Sitharaman, who was also present on the occasion, said: “Trade events such as the IITF boost business and open avenues for investment, joint ventures and collaborations, improving economic growth by providing access to potential markets”.
South Africa is the Partner Country of the IITF 2014, while Thailand is the Focus Country. The first five days of the fair from November 14-18 are restricted to business visitors. It will be open for general public during November.