India eyes $100 billion FDI in next two years

India will aim to receive $100 billion in foreign direct investments in the next two years and special industrial clusters are being created for countries like Japan, South Korea, China and Russia where their companies can invest and operate, Union minister Suresh Prabhu said. The commerce and industry minister said his ministry has also identified sectors and countries which holds huge potential for investments in India.

“I have given a target. $100 billion of FDI should come from different sectors into India. It will not happen in one year. We have identified companies, sectors and countries and now we are going for road shows to attract investors,” Prabhu said.

He said India would remain a top destination for foreign investors in 2019 and the ministry would look at all sectoral issues that may come come in the way to attracting overseas investments.

“For countries like Japan, South Korea, China and Russia, we are creating industrial clusters where they can invest and operate,” Prabhu said.

The minister said China has agreed to set up industrial parks in India and the Chinese authorities have been asked to give a list of companies that are willing to set up factories in India.

Similarly, India would be happy to welcome firms from Europe and the US who want to move out of other countries and set up manufacturing bases in India, Prabhu said.