Prez calls on NRIs to invest in India

President Pratibha Patil has called on NRIs to continue investing in India to inflict a serious setback on the terrorists’ motive who attacked India’s commercial capital, Mumbai.

In her valedictory address at the Pravasi Bhartiya Diwas in Chennai, which concluded on Friday, the President commending the role of over five million overseas Indian workers who remit to India about USD 10 to 12 billion annually invited them to benefit from the various economic opportunities that India offers, particularly in infrastructure.

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“I call on overseas Indians to benefit from the various economic opportunities that India offers, particularly the huge investment options in India's infrastructure. Your decision to invest in India will also be a strong rebuff to the terrorists who attacked Mumbai,” said Patil.

Referring to economic downturn, Patil called for a more inclusive global financial architecture with restructuring the International Monetary Fund and the World Bank so as to prevent the recurrence of economic crises in future.

Underlining the need of regulatory system for sustainable economic growth, she stressed the implementation of better regulatory system and best practices in the management of capital markets as well as in fiscal policy would help in dealing with the economic crises.

“The absence of regulation can and does create hazards. Global financial markets need a coherent set of transparent rules for all of the participants in order to have a fair and orderly market,” she said.

Emphasising India has effective capital market regulator, and large and growing domestic market, the President invited overseas Indians to invest in India and take benefit from the various economic opportunities that India offers. She said India is seeking to bridge the infrastructure deficit and to achieve energy, food and human welfare security in a climate of a global slump.

On this occasion, the President granted the ‘Pravasi Bhartiya Samman’ awards for 2009 to 13 eminent personalities from across the world, including the Vice President of Surinam, Ramdien Sardjoe and the Vice President of Mauritius, Angidi Veeriah Chettiar.

The Overseas Indian Affairs Minister Vayalar Ravi described the PBD-2009 as a watershed event where the language and cultural linkages between the diaspora and India were strengthened.