Foreign direct investment (FDI) in India is estimated to scale up to USD 30 billion in the current financial year, closing March 31, 2008, revealed India’s Commerce Minister, Kamal Nath.

The steady climb of FDI equity from USD 5.5 billion in 2005 - 06, to USD 17.1 billion in 2006-07 was impressive, and the government is seeking to better that record with a target of USD 30 billion by the end of 2008.

The Government’s aggressive economic policies are drawing FDI to India, stated the Minister. The 9.2 % growth rate of the economy is meeting the targets set by the Government in 2006-07, while industry itself recorded an 11.3 % rise.

Kamal Nath further added that to meet a growth target of 9% annually, investment would have to be sustained at a rate of 35.1% of the GDP.

Addressing the delegates of the Gulf Cooperation Council in Mumbai the Commerce Minister urged foreign institutional investors (FIIs) from the Gulf countries to invest in the Indian stock market.

The Minister suggested that banks operating in the Gulf countries can register as FIIs in India to derive the maximum gains from India’s flourishing stock markets.

During the ongoing India-GCC meet, investment opportunities have been identified in infrastructure and agro-processing in India, and the GCC countries, which comprise Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

A Free Trade Agreement is also on the cards between India and the GCC to facilitate trade.

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