Financial Daily from THE HINDU group of publications
Friday, Dec 13, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 13, 2002 |
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Industry & Economy
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Foreign Direct Investment `Speedy reforms must to lure investment from US' Our Bureau
NEW DELHI, Dec. 12 AMERICAN investments will continue to flow into China unless India pushes through with its economic reforms process and at a much quicker pace, pointed out Senator Mr Sam Brownback, ranking member of the US Senate. Comparing the bilateral trade between the US and China, at $116 billion, against that between the US and India, at about $15 billion, he pointed out that India and the US needed to improve trade relations between them. "American capital and investment will continue to flow into China, which will in turn help build up the Chinese military — a danger to both the US and India," he said. Economic reforms may be difficult, but they need to be undertaken and at a much greater speed because if China continued reforms at its current pace, American business would continue to invest there, he pointed out. Since 1980, foreign direct investment (FDI) in China has been about $336 billion, while India has seen FDI of $18 billion in the same period. Mr Brownback was speaking at the platinum jubilee celebrations of the Federation of Indian Chambers of Commerce and Industry (FICCI). The Union Minister for HRD and Science & Technology, Dr Murli Manohar Joshi, stressed the need to share resources, given that investments in research and development were critical. He said Indian scientists were making headway in the pharmaceutical, space and other scientific segments. A new science and technology policy was on the anvil, he said and added that he had spoken to the Department of Space on launching `Edusat', a satellite dedicated to education for India and its neighbouring countries. Dr Vijay Mallya, Chairman of UB Group and Rajya Sabha MP, said Government rules, procedures and bureaucracy made it a nightmare for Indian companies to invest overseas. Mr Sunil Alagh, MD and CEO, Britannia Industries Ltd, said India had both the resources in terms of manpower and in terms of being one of the biggest markets. Speaking to media after the conference, Mr Alagh said Britannia's Milkman had become the umbrella brand for its dairy products and henceforth, its butter, cheese, etc would be under this brand name.
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