ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Place for a Quick Killing

THE reluctance is of an extraordinary genre. Try to extract from official sources some hard data on direct foreign investment that has actually taken place in the more recent years. The government will hum and haw, and keep referring to the data on projects approved by the Foreign Investment Board. A cryptic reply to a parliamentary question has elicited at least some niggardly information: between 1991 and March 1994, actual direct foreign investment aggregated around Rs 3,400 crore or just above $ 1 billion. On the assumption that, after a slow build-up, the tempo of such capital inflow really picked up in 1993-94, perhaps as much as two-thirds of the estimated investment between 1991 and March 1994 took place in 1993-94. In other words, direct foreign investment in the fiscal year that has just ended was around Rs 2,250 crore, which works out to only one-third of 1 per cent of national income.

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