Terming that policy initiatives unveiled by the NDA Government have made India a preferred destination for FDI, President Pranab Mukherjee said on Friday, adding that this an excellent opportunity for domestic as well as overseas players to invest in the country
"A spate of measures aimed at reviving the economy have shown the green shoots are already visible and in the first quarter of the current financial year our GDP has registered a growth of 5.7 per cent. India is already a preferred destination for foreign direct investment," Mukherjee said at the inauguration of the India International Trade Fair 2014 (IITF).
Elaborating further, the President said: "In the recent policy framework, there has been substantial improvement in the conditions of direct foreign investment. In the railway infrastructure the (FDI) ceiling is 100 per cent, in the defence production it is 49 per cent and in the insurance sector it is 49 per cent".
"These policy measures initiated by the current government and Prime Minister's call for Make in India provide an excellent opportunity for the prospective investors from within the domestic area and outside," he said.Around 2 million visitors are expected to throng the 34th India International Trade Fair Over 6,500 companies and 25 foreign countries are taking part in the IITF 2014, which opened here on .
The theme of the fair this year is 'Women Entrepreneurs' aimed at helping organisations integrate women welfare programmes in different parts of the country.Apart from showcasing a wide range of merchandise and services, the fair is committed to the new mantra Make in India for further extending India's global appeal for investment in diverse sectors, says an ITPO.