India Ready To Absorb FDI: PM.

India is eager to absorb foreign direct investment, Prime Minister Manmohan Singh said on Thursday in a statement at the BRICS summit.

Singh also said the Indian economy is well positioned to achieve annual long-term growth of 9% or more. The Prime Minister said the health of the country’s financial and capital markets was sound.

The economy is expected to grow 8.6% in the fiscal year that ended in March.

Meanwhile, China at on Thursday recorded its recognition of India’s status in global affairs and said it supports its aspiration to play a greater role in the world body, a nuanced expression that could be seen as a step forward towards backing New Delhi’s bid for a permanent seat on the UN Security Council.

The Chinese position was reflected in a declaration issued after the BRICS summit while referring to the need for comprehensive reform of the UN, including the Security Council, to make it “more effective, efficient and representative so that it can deal with today’s global challenges more successfully.”

The declaration said, “China and Russia reiterate the importance they attach to the status of India, Brazil and South Africa in international affairs and understand and support their aspiration to play a greater role in the UN.”

Source : financialexpress.com