France announces USD 10 billion investment in India

France has announced USD 10 billion investment in India over the next five years, which will largely cater to the industrial sector in the country.

The announcement in this regard was made in the presence of visiting French President Francois Hollande at an event organised by the FICCI here today.

"Over the last five years, French companies have invested more than USD one billion per year in various sectors in India," said French Finance Minister Michel Sapin.

"We estimate that they will continue to invest at least USD 10 billion over the next five years," added Sapin.

Hollande, who will be the chief guest for India's Republic Day celebrations this year, hopes to seal an inter-governmental deal that would pave way for the sale of 36 Rafale combat jets made by Dassault Aviation.

As part of the deal, there would be significant offsets or related French investments that Prime Minister Narendra Modi hopes will support his 'Make in India' initiative to develop the manufacturing sector.

"The majority of these investments are meant for the industrial sector, which makes France the major player in Prime Minister Modi's 'Make in India' programme," Sapin said.