India incredible investment destination: Finance Ministry
The Finance Ministry said India's real GDP is 60 per cent higher than what it was five years ago, while FDI soared by whopping 414 per cent.
New Delhi Amid a barrage of criticism from various global agencies on economy, and rating outlook downgrades, the government has come out with a 'fact book' listing the strengthens of India such as political stability and sound financial system.
Emphasising the strong economic fundamentals, the Finance Ministry's fact book titled 'India: The Incredible Investment Destination' has said the country's real GDP is 60 per cent higher than what it was five years ago, while FDI soared by whopping 414 per cent to $46.8 billion in 2011-12.
The report highlights the country's good growth prospects fuelled by ongoing economic liberalisation and strong domestic demand.
India has stable financial system, strong external liquidity position, high degree of political stability, low susceptibility to event risk and strong financial regulatory framework, it noted.
The latest fact book, with detailed factual descriptions, comes against the backdrop of rating agencies -- Standard and Poor's and Fitch -- downgrading India's credit outlook to negative from stable. In recent weeks, many global financial services firms such as Morgan Stanley also lowered the country's growth forecast.
India's exports have increased by nearly 200 per cent to over $300 billion and investments by Indian firms abroad have jumped by about 325 per cent in the past five years through 2011-12, as per the report.
Further, the report pointed out that India's strong growth fundamentals is evident as the long term industrial output continues to strengthen with robust consumption, positive business sentiment and strong export growth.
Citing IMF reports, it also noted that among emerging markets, India is next only to China with respect to share in world GDP.