New Delhi: Finance Minister P Chidambaram, addressing a Pravasi Bharatiya Divas seminar in New Delhi, promised NRIs that the Government would bring new financial instruments to help them bring longer-term money and their knowledge base into India.
Chidambaram, however, asked them to expand their horizon to bring longer term money for at least 10 years, as well as their expertise in various fields into the country.
He urged the NRIS to bring their expertise to put agriculture on a sustained growth path of not less than four per cent in a year so that fruits of growth could reach every section of society.
"I am confident this year would end close to nine per cent. I don't know where the decimal would fall," Chidambaram said at the Pravasi Bharatiya Divas seminar.
This aim was not just imaginary, but what has been demonstrated by south East Asian countries in 1980s and currently by China, he added.
Two tools that would enable India sustain the high growth rate is investment and knowledge, he said, asking the NRIs not to limit their remittances for short period and think for the long term.
To a question from the floor, he said whatever political parties might say in opposition, reforms have never been reversed in India which should give NRIs confidence enough to put their money for longer duration in India.
"There is no limited horizon of three years. Captains of industry has unfolded plans for ten to 20 years. For the first time, you find Indian industry acquiring businesses abroad. NRIs should also expand their horizon," he said.
Pointing out that knowledge base of NRIs was much more important than physical wealth, he admitted there was no institution in India on the lines of Foreign Investment Promotion Board to attract this pool of expertise.
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