New Delhi: Notwithstanding the global financial crisis, India recorded a 45 per cent growth in Foreign Direct Investment by receiving US $23.3 bn between April and December 2008 over the same period in the previous year.
Even during the fiscal 2007-08, India's FDI was a record US $32.4 bn, Finance Minister Pranab Mukherjee said while presenting the interim budget in the Lok Sabha.
Seeking to present a rosy picture of the country's financial health despite the global meltdown which began in 2007 impacting most emerging market economies, he said 7.1 per
cent rate of GDP growth in the current year makes India the second fastest growing economy of the world.
"The fallout of global slowdown on Indian economy was countered with fiscal stimulus packages announced in December 2008 and January 2009 providing tax relief to boost demand and
increasing expenditure on public projects," he said.
To keep the economy going, Mukherjee said, the government has accorded approval to 37 infrastructure projects worth Rs 70,000 crore from August 2008 to January 2009.
Government also gave in-principle or final approval to 54 central sector infrastructure projects with a project cost of Rs 67,700 crore and 23 projects amounting to Rs 27,900 crore
were approved for viability gap funding in 2008-09.
"India has arrived on the international economic scene," Mukherjee said.
"Increased global competitiveness of Indian enterprise, its resilience to global shocks, and a positive economic outlook has contributed to a marked change in the way the
Indian economy is being viewed, within and outside the country," he said.
The Minister said Indian economy has grown at an "impressive" 8.6 per cent over the last five years, "which is faster than ever before".
This growth, he said, has been "more inclusive" providing people expanded opportunities for livelihood.
"The creative energies of our farmers, entrepreneurs, businessmen, scientists, engineers and workers have been unleashed," he said.
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