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Dubai/New Delhi: Road shows highlighting India's growth potential to
attract sovereign funds and other investors kicks off in five Gulf
countries of Saudi Arabia, the United Arab Emirates, Kuwait,
Bahrain and Oman Sunday.
The marketing campaign takes off at a time when the India growth
story has taken a beating following softening of the growth rate
to 5.3 percent -- the lowest in nine years-- from a high of nine
percent prior to the 2008 global financial crisis.
"A lot of people are ill-informed about India's potential. We want
to tell investors, look, it is a robust economy with high savings,
demand and investment opportunities," R. Gopalan, economic affairs
secretary, told reporters earlier this week.
During the June 10-15 road shows, a delegation of officials from
the finance ministry, the Reserve Bank of India, the Security and
Exchange Board of India and stock exchanges would seek investment
through corporate bonds and debt funds, especially in the
country's infrastructure sector.
India aims to invest up to $1 trillion in infrastructure over the
five years through March 2017, of which it hopes to attract half
from the private sector.
Following the finance ministry's directive May 29, market
regulator SEBI this week eased norms to attract investments from
qualified foreign investors (QFIs) from the six Gulf and 27
European Commission countries in mutual funds, stocks and
corporate bonds.
"The perception (about India) can be corrected if you answer their
(investors') questions," said Gopalan, who leads the delegation.
Finance ministry officials said overseas individuals could invest
between $80 billion and $90 billion in India over the next two
years.
"Given the talk of quantitative easing and other steps planned in
the US and Europe, it is a good time to sell India as a good
destination. We want to have the first mover advantage," said
Gopalan.
Road shows will also be held in major cities like Singapore, Hong
Kong and Tokyo and then in Europe and the US, according to Thomas
Mathew, joint secretary in charge of capital markets at the
finance ministry.
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