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India Considers Foreign Direct Investment in Mineral Sector
Dec 27, 2006 7:36 AM
By Jeanette Goldman
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RAPAPORT... India’s government is considering allowing foreign direct investment (FDI) in mineral prospecting in order to attract investment and technology in the mining sector, India’s minister of commerce and industry, Kamal Nath, said while speaking at an exporter award event.
“We have huge mineral reserves, but we need technology and investment,” Nath said. While the minister did not provide details, he added that the government was considering allowing FDI in the mineral sector. Nath said that caps would not be an issue and that investment would flow into the sector.
Separately, the minister said he expects the country's FDI to double to $11 billion in the fiscal year ending March 2007. In the previous year, foreign investment inflows stood at $5.5 billion.
"There have been huge investments coming in the software industry, financial services and manufacturing," Nath said. The minister added that investments in manufacturing could be considered 'first mile' because they would likely lead to further investments to complete the projects.
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Tags:
Government, India, Manufacturing
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