Industry secy Shankar says no slowdown in investments so far
Monday, Sep 22
MUMBAI - Investment into India has not seen any slowdown so far
due to
global financial crisis, Ajay Shankar, secretary, department of
industrial
policy and promotion, ministry of commerce and industry.
Indian financial system is following prudent practices, and is
insulated
from such crisis, he said.
Currently, manufacturing sector drives foreign direct investment
into
India, Shankar said.
"Investment into infrastructure is inching upward, but the real
boom is
in investment in manufacturing sector," he said.
During Jan-Jun, India has witnessed FDI inflow of $20 bln and it
is
expected that it may top $40 bln by December.
"In current and last year, for the first time, FDI has surpassed
foreign
institutional investors' inflow, and this is due to surge in
investment in
manufacturing," he said.
Shankar expects manufacturing sector's share in India's gross
domestic
product to rise to 25-30% "soon". Manufacturing sector contributed
around 20%
of GDP in 2007-08 (Apr-Mar).
He was speaking on the sidelines of a Confederation of Indian
Industry
conference on manufacturing here. End
.
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