France to invest Eur 10 bn in India by 2012: Christine Lagarde

New Delhi, Dec 6 (PTI) French companies are committed to
invest euro 10 billion (USD 13.37 bn) in India by 2012, the
country's Minister of Economy and Finance Christine Lagarde
said on Monday.
"This is not just a figure (Euro 10 billion). It is the
commitment by French companies between 2008-2012," Lagarde
said while addressing India-France Business Forum at Ficci.
Adding that everything (business) worked on 'give and
take' principle, she said, India has to reciprocate to its
(France's) interests in the country.
She emphasised on opening up sectors like insurance and
retail, particularly, multi-brand retail, so that French
companies can invest in these sectors.
Lagarde is accompanying the French President Nicolas
Sarkozy, who is on a four-day visit to India.
Sarkozy is leading a team of ministers and a high-level
business delegation to strengthen bilateral ties in key areas.
Responding to the concern expressed by French minister,
Indian Planning Commission Deputy Chairman Montek Singh
Ahluwalia said removing foreign direct investment (FDI) cap on
insurance and multi-brand retail was very much on the
government agenda.
Government is in the process of amending the insurance
legislation to pave the way for allowing 49 per cent FDI in
the sector, Ahluwalia said.
For opening up FDI in retail, particularly the
multi-brand retail, several ministries have supported the
idea, but the decision has to be taken by the government, he
said. PTI RK
AVT


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