PC woos investors in HK, team of 100 Davos-bound
After re-establishing its credentials with some bold reform measures recently, India is going all out to woo investors back. Finance minister P. Chidambaram met investors in Hong Kong Tuesday while a 100-strong delegation led by urban development minister Kamal Nath is on its way to Davos for the World Economic Forum Summit on a similar mission.
Citibank, which hosted Mr Chidambaram’s first Global Investor meeting at Hong Kong, said over 200 equity and debt investors were in the audience. “The FM was both clear and confident — on what needs to be done, how and when it will be done, and timelines on near-term targets (5.3 per cent fiscal deficit; 5.7 per cent GDP growth in FY13),” said Citi. It added the FM actively sought feedback and suggestions: “He was not just talking, but also listening.”
The government has taken several steps since August 12 on policy reforms, including opening multi-brand retail to FDI and partially deregulating diesel, to which the markets responded positively. On Monday India cleared the `10,000-crore proposal by Swedish giant IKEA to open its signature stores across the country.
In Davos, commerce minister Anand Sharma will host a global investment roundtable to be attended by top CEOs. Twenty such global leaders, including the heads of Tesco, Standard Chartered, Diageo, Novartis, Merck, Unilever and Philips, will call on Mr Sharma in Davos. Heavy industries Praful Patel and minister of state for power Jyotiraditya Scindia will also be at Davos, along with industrialists Mukesh Ambani, Lakshmi Mittal, Anand Mahindra, Rahul Bajaj, Azim Premji and banker Chanda Kochhar.
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