The Hindu Business Line : FDI inflows up 54 pc in 2004

According to data furnished by the Commerce and Industry Ministry, during January to September 2004, FDI inflows touched $3 billion as against $1.9 billion received during the corresponding period of 2003. These figures relate only to FDI equity.

As per the revised definition of FDI (inclusive of reinvested earnings, other capital), inflows during January-September touched a record $5.4 billion as against $4.3 billion, during the same period the previous year, indicating a rise of 26.4 per cent. FDI approvals during the same period of 2004 have also gone up by over 95 per cent compared to the previous year.

The official statement said that India has been attracting the attention of the global community investing especially in information technology, automobile, telecommunication, electronic and electrical equipment, pharmaceuticals and financial sectors. The FDI Confidence Survey, 2004 by AT Kearney also rated India as the third most attractive investment destination behind China and the US.

On the policy front too, India has complied with the World Trade Organisation obligation by putting in place a product patent regime from January 1, 2005. The Ordinance paves the way for introduction of product patent protection for inventions in the fields of food, chemicals and pharmaceuticals. It has effective provisions, to ensure availability of products at reasonable price through compulsory licence; for revocation of patents for non-working in India as well as in public interest; use of invention for the purposes of Government; acquisition or invention for patents for public purpose; and provides for parallel import so that the patented product can become available at the lowest international price.

The Commerce and Industry Minister, Mr Kamal Nath, said, "The law effectively balances and calibrates intellectual property protection with public health concerns and national security."

Another major policy initiative was the establishment of the National Manufacturing Competitiveness Council with a view to enhancing the competitiveness of the Indian manufacturing sector and generating employment.

The industrial growth rate measured in terms of the Index of Industrial Production (IIP) was 10.1 per cent in October 2004 compared to .2 per cent during the corresponding period last year. This has been possible due to a robust growth in the manufacturing sector followed by mining and quarrying and electricity generation.

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