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Minister clarifies doubts over FDI

HYDERABAD: The State Finance Minister, Mr Y. Ramakrishnudu, said that ``the mistake committed during the year 1999-2000 (in the Economic Survey) is regretted and there is no intention whatsoever to mislead the honourable members on this issue'' and assur ed the Speaker that such mistakes would not recur in future.

This development followed a controversy with regards to the data furnished in the Economic Survey Report 2000-2001 pertaining to the FDI (foreign direct investment). The Opposition parties maintained that there was discrepancy in the claims made in the Economic Survey.

It was reported that 606 FDI proposals were received with an investment of Rs 9674.75 crore and 167 units were grounded with an investment of Rs 1113.81 crore from the year 1991 till 1999 as furnished by the Commissioner of Industries in the Economic Su rvey 1999-2000.

However, in the Economic Survey of 2000-2001, released by the Finance Minister in State Legislative Assembly along with the Budget, it was reported that 518 FDI proposals were received with an investment of Rs 10578.74 crore and 142 units had gone into p roduction with an investment of Rs 1752.84 crore (as per the 2000-2001 Survey).

Thus this variation in figures furnished in the report tabled last year and the recent report, had agitated the members. Having realised the variation in reports, a thorough verification process was initiated by the Commissioner of Industries. And based on the findings the Finance Minister regretted the errors and clarified on the issue to the House. -- Our Bureau