FM asks India Inc to expand overseas

NEW DELHI: Finance Minister P Chidambaram on Friday asked Indian industry to go global and assured that the government will help them in raising capital for acquiring businesses abroad.

"We must look beyond 9 per cent growth, which is possible only through inorganic way," he told captains of the Indian industry at the NDTV Profit business leadership awards here.

International Monetary Fund has revised upward its forecast for the growth of Indian economy to nine per cent and various other agencies were also estimating between 8.5-9.0 per cent GDP expansion, he added.

Chidambaram said while companies must grow organically in the domestic market, they would have to go out and buy businesses abroad for expanding.

"We all felt delighted when Tatas acquired Corus and all the major Indian companies should make efforts to become among the top five global brands," he said.

"If you (companies) want money or capital, the government will support in raising the required funds," he added.

The finance minister said Indians were already workingwith top global companies in advertising, public relations and many other sectors and it was time to realise that Indian industry will have to become globally competitive.