Srinagar, May 25: Union Corporate Affairs Minister Veerappa Moily on Friday said India, which is poised for a growth of 7-9 per cent over the coming years, is a safe destination for investors.
"Regardless of the short term fears in global markets, India is poised for a reasonable growth of 7 to 9 per cent in the years to come," Moily said at the 13th National Conference of Company Secretaries here. Moily said investors should take advantage of this opportunity and start investing in the market as this is expected to generate competitive returns in medium to long-term investment horizon. The Union Minister said robust domestic demand, cost competitiveness and a cheap, ever-growing labour force have been cited as a key advantage for India.
"Automakers led the way in investing in India last year, boosting spending by 46 per cent. Technology and life sciences companies are other big spenders. However, spending by foreign companies on infrastructure and retail projects declined," he added.
Citing reasons for overseas Indians to invest in the country, Moily said India was the eighth largest economy in the world and projected to be the largest by 2050, even ahead of China and the US.
"The growth of the economy is occurring at a tremendous pace in all categories, be it education, industry or art and culture. It is expected to grow five times in the next 20 years, which is attracting the investors," he said. The Minister said India offers a diverse investment arena where there is something for every investor. "The private sector has been a great force in the growth of the economy of India and we have a strong financial sector, which is highly diversified and well-regulated to stand against all kinds of crisis," he added.