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No trapdoors for FDI investment in India: Maran

Union Commerce Minister Murasoli Maran has said that there are no trapdoors for foreign direct investment in India and that the government is ready to offer special assistance services to the foreign investors.

The government is also planning to introduce direct-contacting at the board room level in selective sectors in order to attract FDI, Maran, now on a visit to Spain, said.

"There are no trapdoors for FDI at the Centre anywhere. In fact, the comfort level for foreign investors has been raised to the highest level," Maran said at the 'Destination India' seminar in Madrid.

Inviting Spanish investors to invest in India, Maran said that the country not only offered a huge market but also had an important and advantageous manufacturing location.

A stable policy, strong macro-economic fundamentals and an investor-friendly FDI regime resulted in much higher rate of return on investments in India as compared to other emerging markets, Maran emphasised.

India's FDI policy is "simple, transparent, fair and one of the most liberal in the world," he said, adding that the Foreign Investment Implementation Authority had emerged as the institutional mechanism of dialogue with all stakeholders and provided after-investment services.

The minister invited Spanish investors to invest both in old-economy sectors of infrastructure, particularly roads, ports and civil construction, textiles, food processing and steel, as well as the new-economy IT sector, telecom, biotechnology and pharmaceuticals.

He also hoped that the recent decision of opening up of defence industry would prove attractive to the Spanish investors.

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