Complimenting Commerce and Industry Minister Kamal Nath for the $19 billion foreign direct investment inflows in 2006-07, Prime Minister Manmohan Singh has expressed optimism that current year's target of $30 billion will be met.
In his letter to Nath, Singh has commended the minister and his team on achieving the performance in 2006-07, a commerce ministry statement said on Friday.
Singh has expressed optimism that the minister and the department of industrial policy and promotion would be able to
cross the FD
I target of $30 billion during
the current year, the statement said.
In 2005-06, FDI equity inflows in India were $5.5 billion, which grew to $16 billion during 2006-07. If the retained earnings reinvested by foreign investors in India in 2005-06 are added, the gross FDI would work out to $7.7 billion and in 2006-07 to $19 billion.