Aim at $75-bn annual FDI flow by 2015:Rajan Mittal

The country needs to more than double the annual foreign direct investment inflow to $ 75 billion by 2015 and look at becoming the global manufacturing hub like China, Federation of Indian Chambers of Commerce and Industry president Rajan Bharti Mittal said on Tuesday.

Mittal also said the country needs to look at attaining 10 per cent GDP growth at the earliest, from 7-7.5 per cent.

"Ficci will focus on making the country the global investment destination with a target of $75 billion FDI by 2015," Mittal said at his first press conference after taking over as the president of the largest industry body.

He, however, said to do that, the country must urgently bridge the huge gap between its positions as one of the few FDI destinations and being ranked very low in the list of investor-friendly countries.

Investments have been the prime driver of growth over the last five-six years but the country continues to be mired in 'rules, regulations and red-tapism', Mittal said.

Calling for a strong collaboration between industry, the Centre and states to tide over infrastructure gaps, he said it is time the country catapulted itself into a major manufacturing hub by positioning it as an alternative to China, which is the world's factory now.

Pointing out that the industry still needs over two dozen clearances and permissions to set up a unit, Mittal said, this shows how investor-friendly we are.

Ficci will engage with states and run programmes with them for various reforms to help them become ore attractive investment destinations, he said.