Global investors are bullish on India, as recovery in the developed economies remain weak, Commerce and Industry Minister Anand Sharma said here.
Sharma, who met several heads of corporates from the US, Europe and other developed countries in the last two days here, said that investors have shown a lot of interest in investing and bringing new technology to India.
“They have some concerns but overall the investor confidence is high,” Sharma told reporters here. He said India and China are hyphenated as the two important emerging economies witnessing the shift of the economic balance of power.
“The shift is clearly acknowledged. And the new world economic order is headed in the right direction, reflecting the ground realities,” the Indian minister said.
Secretary in the Department of Industrial Policy and Promotion R.P. Singh, one of the panellists in the meeting of the top global automobile companies, said global firms were looking at India and China to set up manufacturing facilities.
“There was a general refrain and acceptance in the west that slowly the manufacturing sectors will shift to China and India. This is not only because of the strong domestic demand but also the fact China and India are able to produce goods in a cost effective manner,” Singh said.
Nano, billed as the world’s cheapest car from the house of Tata Motors, has forced the western companies to “rethink and redesign” their strategy.
Foreign direct investment in India has crossed USD 100 billion since 2000.