Revamp policy for maximum FDI inflows: Assocham to govt

With India at the last position in attracting the foreign direct investment (FDI) among the BRIC nations, industry body Assocham today said the country should revamp its policy to attract "maximum" FDI.

Even as developing countries have collectively emerged as dominant destinations for FDI, China and Russia have attracted higher quantities of FDI compared to India, the chamber said.

"This requires the government to quickly revamp its FDI policy to attract maximum FDI in the country," it said.

BRIC consists of four fast emerging economies -- Brazil, Russia, India and China.

As per the data of Organisation for Economic Co-operation and Development (OECD), China received FDI worth $66.9 billion and Russia $19.1 billion in the first two quarters of 2010.

Brazil attracted FDI worth $12.1 billion and India got $11.1 billion during the period.

"This reflects the attractiveness of these countries (China, Russia and Brazil) as FDI destinations, which in turn is a combined outcome of economic potential, policy framework, and bureaucratic functioning and evidently, India needs to focus more on this issue," Assocham said.