No policy reversal by India: envoys told assure foreign

Top Indian diplomats from across the world were today told to assure foreign investors that there will be no "policy reversals" by the Indian government.
Union Minister for Commerce and Industry Anand Sharma, who was interacting with 120 envoys on the second day of the annual conclave of Heads of Missions here, stressed that capital fundamentals of the Indian economy were strong and all necessary legal mechanisms are in place to protect the interests of the investors.
Indian Ambassadors need to re-assure investors that there will not be a policy reversals and India was a rule-based economy, the Minister said, hoping that exports are likely to do very well if the trend that has been discerned so far continues.

Focus of the deliberations on the second day of the four-day meet was on India's economic engagement with the world but the closed-door conference, which was inaugurated by the Prime Minister, yesterday discussed the country's relations with its South Asian neighbours, including Pakistan, which is a source of cross-border terror into India.
Sharma also exuded confidence that the growth of Indian economy will not go below 5 percent despite the slowdown and the predictions made by the IMF.
"In the last 13 years, FDI totalling USD 297 billion had come to India. Since 2009 till March 2013, the FDI inflow was USD 162 billion. This year, they expect FDI flows to be better than last year," the minister emphasised.

Noting that India still continues to be the highest recipient of remittances, he said there was enough inflow of foreign capital into the Indian economy.

The minister also outlined the initiatives being undertaken for skill development for assimilation of high-end technology and the initiatives with various countries including Germany and Japan.
There was also a discussion about forthcoming WTO Ministerial Meeting to be held in Bali, Indonesia, next month and the complex negotiations that are likely to take place there.
The day also witnessed inclusion of a new component of business round tables attended by industry leaders and the Indian Heads of Missions from US and Canada, Latin America & Caribbean (LAC) & Africa Regions.