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India’s FDIs to fall short by US$ 7-8 billion
by Jenny HodgeA survey conducted by India’s apex business body, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), reveals that the country’s ambitious target to receive US$ 35 billion of foreign direct investments (FDIs) in fiscal 2008-09 is likely to fall short by US$ 7 to 8 billion, due to global slowdown and continued volatility on its economic and political front.
In a survey of Chief Executive Officers, in which 400 CEOs opinions were polled on Realistic Assessment of FDI’s inflow towards India, 350 CEOs said that India could optimally receive about US$ 28 billion in 2008-09 against the target of US$ 35 billion.
The reasons cited for lower FDI’s include adverse sentiments in the stock market, bottlenecks on infrastructure, government inability to sign nuclear deals, no initiatives on disinvestments, rising interest rates and volatility on economic and political front because of inflation and forthcoming elections.
Nearly 300 CEOs held a view that the services sector, followed by computer software and hardware, telecom, construction activities, housing and real estate will respectively receive FDI’s in 2008-09 as happened in the last fiscal that came to an end on 31st March 2008.
The Indian Commerce Ministry had set the target of FDI’s in last fiscal for US$ 30 billion, of which the total FDI received were to the tune of about US$ 25 billion.
Ever since the economy was opened up in July 1991, in the last 17 years the total FDI’s received are estimated around US$ 61 billion.
The survey recommends that government needs to take sufficient measures to remove bottlenecks on infrastructure and mount a pressure with necessary supports from various bilateral and multilateral agencies on oil producing countries for increased oil production.
The oil prices will remain a big challenge and if these do not subside the repercussion on international trade and economics will be severe for all economies of scale, including those of developing ones.
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