The Finance Minister Shri P. Chidambarm has exhorted the Non-Resident Indians (NRIs) to expand their horizon for investment in India from the current 3-4 years to 10-15 years. He was speaking as the chief guest at Pravasi Bharatiya Divas during the session on “How to get US $ 1.5 Trillion of Capital Investment: The Resource Hurdle for Development”. Shri Chidambaram was positive of the growth of the economy and the contribution of the UPA Government in taking the economic growth further. He pointed out that we have been able to maintain an average 8% growth since 2003 and the Government aims to sustain the high growth rate of the economy in the future also.

Investment and knowledge are the two key instruments that would help the country in sustaining the high growth rate, said the Finance Minister. Urging the NRIs to participate in the process of infrastructure development in the country, the Minister pointed out that not only the material resources but also knowledge and expertise of the NRIs are required for the development of the country. He admitted that there is no institutional mechanism at present on the lines of financial sector to receive knowledge from NRIs and promised to examine the idea of setting up an institutional mechanism for receiving knowledge and expertise for the benefit of the country.

Speaking on the occasion, Shri Chidambaram mentioned that the outlook in India is changed now and for the first time Indian industries are globalizing their operations, acquiring abroad, leaving their footprints in different countries. The Minister said that we need to apply the same instruments namely investment and knowledge for the dramatic change in the farm sector growth as we did for the growth in industrial and service sector. He urged the NRIs to share their special skills for the development of agricultural sector in India. Assuring NRIs for the safety of their money, the Finance Minister urged them not to limit their investment for short period and go for long-term investment.

The Finance Minister urged the NRIs to continue to believe in country’s growth story and contribute in making India a power-house

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