FDI to grow in India: Mulford

US companies have huge interest in investing in high-tech commerce in India which has the advantage of large human capital, David C. Mulford...

US companies have huge interest in investing in high-tech commerce in India which has the advantage of large human capital, David C. Mulford, US Ambassador to India, said on Tuesday. FDI from US companies had been quite small — only about $45 billion as of now — and the Indian government had taken a position that it should be quadrupled, Mulford said.

‘‘The FDI will grow in future more quickly in India,’’ Mulford said at a meet-the-press programme here. There were already 1,400 US companies registered in India.

‘‘The impression that there will be long-standing problemsif you are ready to invest in India should be changed,” he said. He appreciated the mega container terminal project at kochi which would be a big boost to industries.

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He said the economy could be strengthened significantly without compromising much on political positions. If India lifted the prohibition on the entry of FDI in the retail field, a lot of American and European players would come to India.

Opponents to this argued that it would damage local small enterprise which was contrary to facts based on evidence in other countries, he said.

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