Chidambaram asks NRIs to invest in India: <b>Video</b>

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The government has urged the 25 million strong Indian diaspora to plough back their savings to their country of origin in the form of long-term investments.

Addressing the Pravasi Bharatiya Divas seminar here, Finance Minister P Chidambaram said the profile of Indian industry has changed and it has now become globally competitive, acquiring assets abroad with strong fundamentals.

Expressing confidence that the Indian economy would clock close to 9% growth this fiscal, Chidambaram today promised NRIs that the government will be coming out with financial instruments to attract remittances for longer duration.

Pointing out that NRI remittances to India on an average are of three-year duration, Chidambaram asked them to expand their horizon and bring money for at least 10 years.

Chidambaram promised NRIs that the government would bring new financial instruments and institutions to help them bring long-term money and their knowledge base to India.

He asked them to bring their expertise to put agriculture on a sustained growth path of not less than 4% in a year so that the fruits of growth could reach every section of the society.