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Foreign investment in India safe: Sinha

Describing India as "a nation on the move," Union Finance Minister Yashwant Sinha has reassured foreign investors their money would be safe in the country and they would reap much higher returns than elsewhere.

"Investments made in India are not only safe, but also provides returns better than any other country in the world," Sinha said last night at a dinner hosted in his honour by the Asia Society in Hong Kong.

The fundamental economic polity of India is strong and sound, which has been proved by the fact that the South East Asian economic crisis had little or no effect on the country's economy, he said addressing an elite gathering of the society members, including special invitees, captains of industry and commerce of Hong Kong and NRIs.

Sinha, who is visiting Hong Kong as part of the government's efforts to woo more foreign investment from the East Asian region, especially Hong Kong, urged NRIs here to contribute to India's economic efforts by investing in its core and priority sectors.

Speaking on 'Resurgent India - Vision an Agenda for Growth,' he pointed out India was a country where science and technology flourished. Referring to the recent GSLV launch, he said it was at times like this the world sat up to notice India.

"The emergence of India at the frontier of technology and knowledge was not an overnight phenomenon, but planned and built up over the last several decades," Sinha said.

"Right down history, India with its message of brotherhood and cooperation believed in peace and tranquility," he said.

Recounting the various reform measures undertaken by the government, he described India as a nation on the move, a country where there were no quantitative import restrictions, a direct foreign investment regime where most of the sectors were on automatic route.

Sinha lashed out at the manipulations of developed countries which hurt the interests of developing countries.

Developed countries were manipulating the global economy by ensuring that their agenda was considered up front while agendas and concerns of the developing nations were relegated to inconsequential status, he said.

"Such an approach would be unacceptable to the majority of developing countries," he said while emphasising the need for a new world order which should be equitable and which ensured dignity to even the smallest nations.

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