India can get $200b from expat Indians

India can get $200b from expat Indians

BOMBAY (Reuter): The head of India's richest state said on Monday that the country could attract up to $200 billion from expatriate Indians.

"I am told that as many as $150-200 billion can easily be channeled by overseas Indians into our country," said Manohar Joshi, chief minister of western Maharashtra state.

"We have only to evolve an appropriate national policy to attract a substantial portion of this wealth for infrastructure investments."

He was addressing a two-day Global Investors' Convention attended by 900 delegates from 25 countries which ends on Tuesday.

He said the state had drawn up 55 projects that involved an investment of $5 billion.

Yesterday, the state tied up with P&O Australia Ports Pvt Ltd to develop an all-weather port at Vadhavan, in the adjoining Thane district, about 100 km northwest of Bombay.

The $1 billion project involves an initial outlay of $360 million in the first phase.

"We welcome this joint venture with Maharashtra," Captain Richard Setchell, managing director of P&O Australia Ports said.

"We need further infrastructure with road and rail connections in order to plan and satisfy a dynamic economy."