FT names Nath as 'FDI personality of the year'

India's Commerce and Industry Minister Kamal Nath has been honoured as global 'FDI Personality of the Year 2007' by a Financial Times Group publication. Earlier winners of the honour include Brazilian President Luis Inacio Lula da Silva and Mexican President Vincente Fox.

"This award is in recognition of your active efforts to attract foreign businesses to India, boost exports and promote trade and investment - the results of which have been a substantial increase in FDI inflows to India and rise in export volumes last year," the FDI Magazine and Financial Times Business said in its citation.

India's exports have almost doubled to Rs 5,63,800 crore (Rs 5638 billion) during 2006-07 from Rs 2,93,367 crore (Rs 2933.67 billion) in 2003-04, growing at an average annual rate of 25 per cent in the last three years.

The country's FDI equity inflows have risen to Rs 70,630 crore (Rs 706.30 billion) in 2006-07 from Rs 10,237 crore (Rs 102.37 billion) showing a seven-fold increase. "In 2006-07, FDI inflows grew by 183.56 per cent," Nath said in New Delhi reacting to the honour.

The publication said by choosing 'FDI personality of the Year' it recognises the political and business leaders around the world who have been the most proactive and innovative in securing foreign investment.

"You join the ranks of such previous winners as Mexican President Vincente Fox, Brazilian President Luis Inacio Lula da Silva, Mayor of Seoul Lee Myung-bak and Premier of Ontario Dalton McGuinty," the citation for Nath said.