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'India must woo NRI investment to boost growth'

WorldTel chief executive Sam Pitroda on Friday said that India has to get more investment from Non-Resident Indians if it wanted to get ahead in the global business race.

Speaking at the 29th Management Convention of the All India Management Association in Kolkata, Pitroda said the country has been continuously predicting a growth rate of 8 per cent and managing to execute only 4 per cent. "We don't have the execution ability," he said.

"China's globalisation is going to affect all of us. Ten years ago, Shanghai was just like another Mumbai; today it's no different from Manhattan," Pitroda said.

"Investment from the non-resident Chinese played a big role in this and India has to attract more NRIs in various sectors so as to stay in the race. This is the new paradigm of success," he added.

"Some people feel liberalisation is all about Americanisation of the economy. I say what's the harm in it? We should look up to anything that is effective," said Pirtoda.

McKinsey managing director Ranjit Pandit, who also spoke on the occasion, echoed similar sentiment.

UNI

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