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."