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`Core sector can absorb $150 b FDI'

Our Bureau

New Delhi, Feb. 27

India has potential to absorb $150 billion foreign direct investment (FDI) in the infrastructure sectors alone by 2010. Simultaneously, opening up of single brand retail for FDI holds up further promise, the Economic Survey for 2005-06 tabled on Monday in Parliament said.

It also emphasised the need for evolving a well-defined regulatory architecture to increase the comfort level of players to tap the huge potential that the country now enjoys with respect to FDI inflows.

Upbeat about the procedural simplifications and opening up of more sectors such as single brand retail, up to 49 per cent in airports, the survey also called for a holistic strategy to attract more investments.

It, however, pointed out that despite the increase in India's share in global FDI from 0.5 per cent in 2002 to 0.8 per cent in 2004, the country continued to lag behind inflows in some of the developing countries in Asia such as China, South Korea, Hong Kong and Singapore. The survey also pointed out that while FDI inflows stood at $3.2 billion during April-September 2005, capital outflow during the period stood at $0.9 billion.

In terms of destination of FDI in the country, Maharashtra topped the list followed by Delhi, Tamil Nadu, Karnataka and Gujarat, the survey stated.

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