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Singh woos non resident Indians to invest in India
Publication Date : 09-01-2014
Despite the current mood of despondency surrounding the economy due to lowest rate of growth in many years, price rise and ballooning inflation, Prime Minister Manmohan Singh put up a brave front before hundreds of non resident Indians (NRI) and assured them that economy is returning to ‘better days’ .
Aiming to enthuse the NRIs to invest in India, Singh said, “Our economic fundamentals remain strong. Our savings and investment rates are still over 30 per cent of our GDP and the entrepreneurial spirit in India is very much alive and kicking.” He was addressing the Indian Diaspora on the second day of the ongoing Pravasi Divas here.
Seeking to dispel the environment of pessimism, the Prime Minister said, “There is a perception in some quarters outside India that the country is losing its momentum of the past decade. This is also amplified by the political contestation here in India, which is inevitably louder in the election season that is now on the horizon. I wish to assure you that there is no reason to despair about our present or worry about our future.”
Asking the Diaspora to remain engaged in the future of this country with confidence and optimism, Singh mentioned various decisions taken to accelerate the implementation of mega infrastructure projects, reform tax administration, improve fiscal management, liberalise foreign direct investments and rationalise the system for allocation and utilisation of natural resources.
“With greater political support, we could have legislated deeper reform measures, for example, in the financial and insurance sector. However, our decisions are already beginning to make an impact and India is re-emerging as an attractive investment destination. I am confident you will see the evidence clearly in the next few months,” he said.
The Prime Minister assured NRIs of continuous support and assistance in promoting their links with India in every possible way. “We have also recently launched the Mahatma Gandhi Pravasi Suraksha Yojana to provide social security to Indian workers abroad.
The Pravasi Bharatiya Kendra in Delhi will be completed this year. We also intend to start a scheme to assist state governments in establishing Pravasi Bharatiya Bhavans,” he told the gathering.