WHAT INDIA OFFERS - COMPETITIVE ADVANTAGES

·          Stable democratic environment in over 50 years of independence.

·          One of the fastest growing economies in the world, with annual GDPgrowth averaging over 6% over the last 15 years. Government target is to increase growth rate to 8% in the Tenth Five Year Plan Tenth Five Year Plan period (2002-07).

·          Industrial production growth averaging around 6% over the last five years. Services sector growth averaging 8%. Inflation under control at less than 3 - 5%. Stable local currency. Foreign exchange reserves of over US$ 140 billion and still growing.

·          Large market size with a middle class population of 250-350 million with increasing purchasing power reflected by remarkable increase in purchase of consumer durables in recent years.

·          Access to regional international markets through membership of regional integration frameworks such as SAARC . Proximity to affluent West Asian and ASEAN markets.

·          Foreign investment welcome in almost all sectors barring some of strategic concern like atomic energy. Even defence production is now open to the private sector and foreign investors.

·          Conducive foreign investment environment that provides rapid approvals, freedom of entry, investment, location, choice of technology, import and export. Current account convertibility of the Rupee, and capital account convertibility for foreign investors.

·          Large and diversified infrastructure spread across the country. Large resources of untapped natural wealth.

·          Thrust on technology, innovation and knowledge base. Home to premier world-renowned educational, technical and management institutions. Developing as one of the largest cost - competitive technical workforce nations.

·          Large manufacturing capability, spanning almost all area of manufacturing activities well developed R&D infrastructure and technical and marketing services.

·          Special investment and tax incentives given for exports and certain sectors such as power, electronics, telecom, software, oil & gas, and research and development activities.

·          Well-developed banking system , with a commercial banking network of over 63,000 branches, supported by a number of national and State level financial institutions.

·          Vibrant capital market comprising 23 stock exchanges with over 9,000 listed companies.

·          Acceleration of the privatisation process, restructuring of public enterprises, and reform of the tax structure.

·          Uniform VAT from 1 April 2003.

·          Established, independent judiciary with a hierarchy of courts.

·          Legal protection for Intellectual Property Rights .

·          Import regime in conformity with WTO commitments - removal of remaining quantitative restrictions on imports of goods into India barring certain items on grounds of national security, defence and health.