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FDI in India manufacturing can touch $12 bln a year - survey

U.S. dollar bills are piled up at the Korea Exchange Bank in Seoul in this October 2008 file photo. Foreign direct investment (FDI) inflows into India's manufacturing sector could triple to $12 billion annually if the government eases regulatory hurdles and cuts project approval time, a survey said on Thursday. REUTERS/Lee Jae-Won

NEW DELHI (Reuters) - Foreign direct investment (FDI) inflows into India’s manufacturing sector could triple to $12 billion annually if the government eases regulatory hurdles and cuts project approval time, a survey said on Thursday.

The survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) said schemes to attract foreign investment in computer hardware, capital goods, aerospace, electronic goods, food processing and ship-building should be made more attractive.

“With a concrete and comprehensive action plan, it may not be difficult to get $12 billion of FDI in the manufacturing sector alone per annum for the next five years, which could be scaled up in subsequent years,” it said.

In 2008, FDI inflows into manufacturing companies were at $3.4 billion despite a very liberal policy for FDI in the manufacturing sector.

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