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Mr Kamal Nath

Our Bureau

New Delhi, Jan. 9 The Union Commerce and Industry Minister, Mr Kamal Nath, on Wednesday urged non-resident Indians to reach out to global small and medium enterprises (SMEs) for catalysing their economic engagement with India.

“I invite you to form meaningful partnerships with Indian firms looking to set up beach heads overseas by providing technology, logistical marketing and financial support,” he said while addressing the Pravasi Bharatiya Divas here on Wednesday.

He also stated that to secure the growth story, there are four levels of collaboration currently taking place in the country.

“The types of collaboration that we are witnessing is between private-public partnerships for infrastructure projects, private companies partnering with universities to work around the skilled labour constraint, private companies partnering with each other to build efficient supply chains, and private companies partnering with foreign investors,” Mr Nath added.

The Minister emphasised that India has huge investment potential in sectors such as entertainment, tourism, chemicals industry and education.

Mr Nath also said that the foreign direct investment (FDI) into India during the current financial year may almost double to $25-30 billion against $15.7 billion in 2006-07.

“In 2007-08, we are hopeful of getting FDI between $25 billion and $30 billion.

The remittances of non-resident Indians were pegged at $24.5 billion in 2006 and the remittances for the first nine months of 2007 were at $25 billion,” Mr Nath added.

While denying that there was overheating building up in the Indian economy, Mr Nath stated that the country would post a growth of 8.5-9 per cent during the current financial year.

“Last year, around this time, people were talking about the overheating in the Indian economy.

“India’s growth has not only continued, it has even accelerated slightly since the debate started,” he added.

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Kamal Nath urges NRIs to reach out to global SMEs

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