India to receive $1 bn FDI every year: IACC

NEW DELHI: India will receive $1 billion every year till 2010 by way of foreign direct investment (FDI) from the US, the Indo-American Chamber of Commerce (IACC) said on Thursday. This would represent a major increase in US FDI flow into India as compared to the $5 billion that was invested by American companies here since 1991.

"Coming years will witness increased inflow of FDI against the backdrop of solid pick up in the Indian manufacturing and infrastructure sectors," IACC president B Prabhakar said in a statement issued here.

The Chamber is planning to hold an investment summit here in September to deliberate ways to boost investment flows between the two countries. Infrastructure, civil aviation, real estate, manufacturing and knowledge-based industries would be the focus of the investment promotion effort, the statement said. Investment experts, corporates and small firms from both sides would be represented at the summit.