India Inc Spends $29 bn on Overseas Purchase in First 6 Months
India Inc has invested 28.9 billion dollars on acquiring companies abroad during the six months of the current fiscal, against 4.3 billion dollars in 2005, reflecting its growing appetite for inorganic growth and overseas expansion.
“This is a true barometer of globalisation and was made possible due to huge foreign exchange surpluses that the country had accumulated on account of a variety of reasons especially quantum jump in services exports,” Minister of State for Industry Ashwani Kumar said.
Addressing a gathering of finance professionals, he urged them to widen their knowledge base. “Knowledge of tax policy and gamut of other policies is required to be fully equipped to serve your clients the best. It will also allow them to sit across the table with the target company and negotiate a better deal,” Kumar said.
While globalisation is a reality that one has to accept and gear up for, prepondence of poverty, destitution, disease and malnutrition would apply jolts to the liberalisation process, he observed. Inclusive growth is the most preferred route, Kumar suggested. “We have strong delivery systems to distribute wealth and prosperity. That is a societal requirement for harmony and peace, which are critical for sustained growth,” he said.
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