Finance Minister P Chidambaram went to USA to woo investors and corporates to invest in India.
During his visit, the minister is scheduled to meet CEOs and other top executives of potential investors, including Microsoft Corp, Wal-Mart Stores Inc, Lockheed Martin International and Boeing International.
In recent months, Chidambaram has been visiting foreign countries to invite investors and companies to invest in India.
Slowdown in the economy and the sharp depreciation of rupee dented the sentiment of foreign investors towards India.
Data released by market regulator SEBI and published by ratings agency CRISIL shows net portfolio investments in India declined to just $50 million during April-June 2013 from $11.3 billion in the quarter ending in April.
The finance ministry has already taken measures to ease pressure on the current account, including hiking tariffs on imports of gold, the main contributor to the deficit after oil.
Experts feel that foreign investment in the country may not increase unless the business environment in the country improves.
Leave a Reply
You must be logged in to post a comment.