Kamal Nath points to joint investment possibility

NEW DELHI, INDIA: Kamal Nath, Union Minister of Commerce and Industry, Government of India has stated that there is immense possibility for joint investments in information technology and telecommunication.

Addressing the India-Russia CEOs Council Meeting here today, he also said there is potential for investment in sectors like power, banking, pharmaceuticals and textiles.

India and Russia have managed to sustain strong business vibes in recent years the minister pointed out, adding that the India-Russia Forum on Trade and Investment has underscored the need for investment cooperation in a large number of sectors.

“Indian companies are quickly establishing themselves in Russia and the cumulative Indian investments in the Russian economy amounted to US $ 744.1 million as of March 31, 2008,” he added.

As regards the global meltdown, Kamal Nath expressed hope that “both our economies will bounce back, because of their sound fundamentals and large domestic demand.”

The minister said India is taking measures to inject growth dynamism back into the economy.

“We are cutting bank rates and easing statutory reserve requirements to inject liquidity into the system, we are also looking at creating demand impetus in a number of sectors, especially consumer driven industries and exported-oriented ones”.