'Global slump not to deter investment'

Economies world over may be going through a rough patch impacting foreign direct investment flows globally, but that has not impacted India in any manner.

FDI investments into India have grown 48 per cent as compared to a negative rate globally, according to Commerce Minister Nirmala Sitharaman.

“Russian economy is contracting, the euro has been depreciating and commodity prices have been falling. In this situation, only India has been standing out as a stable economy posting over 7 per cent growth,” Sitharaman said while addressing the Make In India Week Curtain Raiser.

FDI inflows have seen a decline of 16 per cent globally but India has seen a growth of 48 per cent in FDI inflows due to policy measures to boost manufacturing, Sitharaman added.

According to Sitharaman, the states have a very vital role to play for the country to achieve higher growth rates and generating employment. “States have a significant role in building and sustaining a manufacturing revolution and in the spirit of co-operative as well as competitive federalism they will be the drivers of development and centre will play a catalytic role,” Sitharaman said.

Addressing the occasion, Maharashtra chief minister Devendra Fadnavis said that he hoped that the event will help the state consolidate its position for investments by investors.

Make in India Week

The Make in India Week will be inaugurated by Prime Minister Narendra Modi on February 13.

The event will host government delegation from 49 nations and business delegations from 68 countries during the week.

Some of the key government delegations would include Prime Minister led delegations from Finland, Sweden and Lithuania and deputy prime minister led delegation from Poland. High level government representatives are accompanied by large business delegations.