N. V. GALISHCHEVA

Candidate of Economic Sciences, MGIMO University, Russian Foreign Ministry

Key words: import of capital, foreign direct investment, India, South Asia

The economic reforms implemented in India since the early 1990s have helped liberalize all aspects of economic life, increase the competitiveness of most sectors of the economy, which allowed the Indian government to gradually open them up to foreign investment, and encourage the country's integration into the global economy. Currently, attracting foreign direct investment (FDI) from abroad is one of the government's top priorities.

Against the background of the decline in the global cross-border investment volume caused by the global crisis in the late 2000s. India was able to maintain the upward trend of foreign investment inflows into the national economy.

In 1995-2004, the average annual volume of FDI was $3.8 billion, in 2005-2007 - $17.8 billion, and in 2008 - $42.6 billion. Even during the crisis, it reached $35.7 billion in 2009 and$24.6 billion in 2010.1 In 2000, India's share in total global cross - border investment was only 0.29%, while in 2008 it was 2.4%, and in 2009 it was 3.0% ². By the end of 2010, due to the global crisis, this indicator still slightly decreased -to 2%³.

Thanks to well-implemented reforms, the Indian economy is confidently demonstrating a fairly high GDP growth rate, amounting to 6.8% even during the global crisis in fy2008/09. At the same time, according to the UNCTAD (UN Commission on Trade and Development) World Investment Report 2011, India has become one of the world's leading recipients of foreign capital, taking the first place in the world. 2005-14th place, 2009-5th place, and 2010 - 8th place ⁴.

WHO INVESTS CAPITAL AND WHERE

According to the World Investment Report 2011, for all years, the total amount of accumulated FDI in the Indian economy as of January 1, 2011. it amounted to $197.939 billion. (for data for 2000-2011, see Table 2).

Among the main factors contributing to attracting foreign capital to India are the presence of a large domestic market, a significant number of relatively cheap English-speaking skilled labor, a fairly stable financial and economic system that successfully survived both the "Asian" crisis of 1997-1998 and the global financial and economic crisis of recent years.

The main investors in the Indian economy in recent years have been Mauritius, Singapore, the United States, the United Kingdom, the Netherlands, Japan and Cyprus. At the same time, there has been a steady increase in FDI inflows to India from emerging market economies and a decline from developed ones. This trend is most clearly seen in Mauritius and the United Arab Emirates.

Mauritius, as a global offshore financial center, is the largest investor in the Indian economy. Its share in total Indian FDI in the 2000s averaged about 40%. Most of these financial flows, as well as "Cypriot" investments in Russia, are actually "returnable investments" of Indian companies,

Table 1

Scale of direct investment imports to India in 1995-2010

Источник: http://www.unctad.org/sections/dite_dir/docs/wir11_fs_in_en.pdf

Table 2

Geographical distribution of FDI inflows to the Indian economy

Источник: http://dipp.nic.in/fdi_statistics/india_FDI_April2011.pdf

who have withdrawn their capital abroad and are returning it to their homeland in the form of foreign capital for doing business. Indian legislation in this case provides investors with significant benefits and preferences.

In terms of investment volume, the UAE ranks first among Arab countries and is confidently among the top ten largest investors in the Indian economy. Direct investment inflows from the UAE have steadily increased over the past decade, with the accumulated volume exceeding $2 billion by the beginning ^of 2011.5 Investments from the UAE are mainly directed to the energy sector (19.1%), services (9.3%), programming (7.8%), construction (6.8%), tourism and hospitality (5.6%) ⁶.

The volume of accumulated FDI from Malaysia to the Indian economy during the reform period exceeded $2 billion. According to experts, about $6 billion more came from Malaysia to India via Mauritius.⁷ In recent years, Malaysia's annual FDI inflows have been around $450 million. Moreover, about 40% of investments are traditionally directed to the state of Tamilnadu, where Tamil natives make up a significant part of the population of Malaysia.⁸

Malaysian investments are mainly made in infrastructure (construction of roads and airports), energy, oil production, tourism and the information technology sector. With the participation of Malaysian companies, the international airport was built in 2008. Rajiv Gandhi International Airport in Hyderabad, and in 2010 - a new international airport named after him. Indira Gandhi in New Delhi, which has become the eighth largest in the world. In the Indian construction industry, Malaysian companies have completed 52 projects worth $2.34 billion over the past decade, and are currently implementing another 435 projects worth over $2.3 billion.⁹

In February 2011, the Indian-Malaysian intergovernmental agreement on comprehensive economic cooperation was signed, which, among other things, provides for a significant liberalization of the investment regime between the two countries.

The United States holds a strong position in the Indian investment market, being one of the main investors in the Indian economy from among the developed countries. After the lifting in September 2001 of US sanctions imposed in 1998 in connection with India's nuclear weapons test, bilateral relations returned to normal. In 2005, India and the United States signed strategic agreements in trade, civil aviation, nuclear energy, as well as joint research programs in medicine, agriculture, etc. In particular, in April 2005, an Open Skies Agreement was signed, allowing unrestricted access of authorized American carriers to the Indian market and Indian carriers to the American market. Since July 2009, the mechanism of strategic partnership in trade, energy, education, climate change, etc. has been launched.

The accumulated volume of US FDI in India in 2000-2010 exceeded $9.5 billion. American investments were mainly directed to the electric power industry, telecommunications, the service sector, the production of electrical equipment, the food and beverage industry and pharmaceuticals. Currently, more than 70 projects involving US FDI are being implemented in the pharmaceutical industry in India alone.¹⁰

The second and third largest developed-country investors are the United Kingdom and the Netherlands, which accounted for 5% and 3.9% of total FDI attracted to India over the past decade, respectively. These countries ' investments were mainly in energy, telecommunications and transport.

Traditionally, Japan is an important investor in the Indian economy. Japanese capital began to enter the Indian market in the early 1980s through the creation of joint ventures (JVs). The first such company was the Indo-Japanese company Maruti Udyog Limited for the production of Maruti cars, organized in 1981 with the participation of the Federal Government of India and the Japanese company Suzuki Motor Corporation (54.2%). To date, the joint venture (since 2007, Maruti Suzuki India Limited), which has become a fully private-

Table 3

Distribution of foreign investment inflows to India by industry

Источник: http://dipp.nic.in/fdi_statistics/india_FDI_April2011.pdf

It has become the largest passenger car manufacturer in India (it occupies over 45% of the market). Honda Motor Co.Ltd., Toyota Motor Corporation, Mitsubishi Group and others are also actively investing in the Indian automotive industry. In 2010, the Indo-Japanese joint automobile enterprises produced about 2/3 of all cars produced in India.¹¹

With the beginning of the liberalization of investment legislation in India, Japanese capital began to develop more actively in various areas of its economy. This was also facilitated by the Indian government's "Look East" policy, which provided for the development of closer economic ties with the countries of East Asia, including Southeast Asia.

The annual volume of Japanese investments in India at that time averaged about $300 million. In total, in 1991-1999, the volume of Japanese investment reached $2.6 billion. (4% of total FDI accumulated in India), which put Japan on the 4th place in the ranking of leading investors in the Indian economy. However, India did not become the main center of capital application for Japan, since the main focus of Japanese foreign investment was placed on Southeast Asia. India's share in Japan's foreign investment in the 1990s was only 2% (for comparison, Cambodia accounted for 19% of Japanese investment, Brunei for 17%, and Myanmar for 11%) ¹².

In the 2000s, Japanese capital inflows to India began to decline. By 2010, the Indian economy accounted for only 1.6% of all Japanese foreign investment. In the ranking of leading investors in the Indian economy, Japan moved to 6th place, and its share in total Indian FDI fell to 3.4%. In total, in the 2000s, the volume of Japanese accumulated investments reached $5.511 billion.¹³

The sectoral structure of FDI distribution in the Indian economy is characterized by a predominance of investments in the service sector (both financial and non-financial). Among the manufacturing industries, the most popular among investors are energy, automotive, metallurgy and chemical production. A significant amount of investment is traditionally directed to construction and real estate operations.

Over the past decade, India has been particularly active in attracting FDI in high-tech sectors that depend on both the future development of science and the competitiveness of the Indian economy as a whole-computer technology and software, nano - and nano-technologies.

Table 4

Share of FDI in gross investment of developing countries in 1995-2010 (%)

Source: UNCTAD, World Investment Report 2011.

biotechnologies. Foreign capital inflows are also encouraged in industries that require the most rapid development in modern conditions and rapid technological renewal (transport, telecommunications, energy, etc.).

Despite encouraging FDI inflows, India's economic development still focuses on domestic savings. The inflow of foreign capital provides on average only from 2% to 3% of gross capital investment in the Indian economy (with the exception of 2008-2010).

INDIA IS ACTIVELY CREATING FREE ECONOMIC ZONES

In an effort to increase the flow of foreign investment and advanced foreign technologies to the country's economy, the Indian government decided in 1965 to open the first special economic zone (SEZ)in Gujarat Kandla, in which foreign companies were given very broad preferences and benefits for doing business.

With the beginning of reforms in the 1990s, the development of FEZs in India has noticeably intensified. An important role in the opening of new zones in India was played by the relatively low share of industry in the sectoral distribution of FDI (about 1/5 of the total volume of FDI inflows to India), which was due to insufficient infrastructure development, electricity shortage in a number of large cities, etc.

Increasing the number of free economic zones in India and expanding the activities of existing ones was primarily intended to attract foreign investment and technology in industry, create new jobs and stimulate the export of Indian goods and services. The experience of other East Asian countries, first of all, China, where FEZs as centers for attracting foreign investment have already established themselves quite well, also served as an incentive for the development of zones in India.

Taking into account the internal economic realities, as well as the growing demands of the world market for the competitiveness of national economic sectors, the Indian government in April 2000 announced long-term plans for large-scale development of FEZs and began to significantly liberalize investment legislation. One of the most important documents in this area was the Law on FEZs adopted in 2005, which provides for the expansion of preferences and benefits for foreign investors to enterprises established in such zones.¹⁴ Among them: duty-free import of imported equipment, raw materials and semi-finished products; exemption from taxes on income received from the export of their products during the first 5 years of operation (in the next 5 years-a tax on 50% of export income); permission for foreign loans up to $12.5 billion; exemption from tax on the export of their products. sales and a number of other taxes.

In 2005, a comprehensive program was developed to increase the number of FEZs, during the implementation of which about 500 zones of various profiles have been formally established in India, and 114 of them have already begun to function actively.

One of the most successful examples of integrated FDI attraction is the Industrial Corridor project between New Delhi and Mumbai, which has an estimated cost of about $90-100 billion. The territory covered by the project is one of the most developed in the country. The Industrial Corridor in India is modeled on the industrial belt in Japan between Tokyo and Osaka, which has been in existence for over 30 years and provides industrial production in the amount of 2/3 of the country's GDP.

This ambitious project, covering the national capital territory of Delhi and 6 Indian states-Haryana, Uttar Pradesh, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra with a population of over 180 million people, is partly funded from the state budget, partly from Indian and foreign investors. A number of companies from Japan, the Gulf states and the European Union have already expressed interest in the project. To encourage the flow of foreign investment into the project, the federal government and the governments of Indian states included in the Industrial Corridor intend to review tax legislation in the direction of liberalization, as well as create a number of additional FEZs there.¹⁵

FROM WARINESS TO HOSPITALITY

In the first half of the 1990s, the Indian Government's attitude towards FDI inflows was still very cautious. In particular, the economic review of the Ministry of Finance for 1991 noted:: "Compared to domestic investment, the contribution of foreign investment to the liberal transformation of the economy should be minimal." ¹⁶ At that time, India's sustainable economic development in the long term was mainly associated with relying on internal sources, as well as with a strategy of self-sufficiency while maintaining a certain independence from the outside world.

The main current task of the Government in 1991-1992. The goal was to overcome the internal monetary and financial crisis as soon as possible through the implementation of liberal reforms. In this regard, India has gradually begun to lift some of the previous restrictions on attracting foreign capital. One of the most important steps in this direction was the introduction of full convertibility of the rupee on current accounts of the balance of payments from August 19, 1994. In addition, foreign capital of all non-residents, and not just non-residents of Indian origin, began to be attracted more actively, as it was until 1991.

It is noteworthy that at that time, a large part of the Indian population was opposed to the privatization of enterprises and their transfer to foreigners, considering FDI as a new form of "Western imperialism", which India should actively fight.¹⁷

The large-scale inflow of FDI into the country was also opposed by the Indian business community, which has been accustomed to protectionist protection of the domestic market from foreign competition for four decades and is concerned about the negative impact on the economy.

the impact that foreign capital could have on their business activities. In particular, in January 1996, the Confederation of Indian Industry sharply criticized the activities of TNCs in India, accusing them of unwillingness to transfer advanced technologies to Indian businesses, as well as of focusing on the import of imported components to the country, which actually turns Indian industry into an "assembly shop"¹⁸.

In the interests of maintaining political stability in India, the reforms themselves were carried out very carefully and gradually. Before taking any significant steps in the tax, fiscal, monetary and other areas of the economy, the then Indian Government, headed by Prime Minister P. V. Narasimha Rao, initially established special commissions that were engaged in preliminary study of all aspects of the upcoming changes and made their recommendations. Thus, India's initially liberal reforms in the 1990s did not involve uncontrolled, one-step opening of the Indian domestic market to foreign investors.

A turnaround in government policy towards FDI occurred in FY1995 / 96, when the national concept of attracting FDI was formulated, according to which the future economic growth of India was linked to the inflow of foreign investment. At the same time, it was emphasized: "The fears that FDI will consume national industry and contribute to an increase in unemployment are absolutely groundless and exaggerated."¹⁹

The Government of India expected to increase industrial production, employment and export volumes due to the influx of foreign capital. According to Indian economists, for sustainable economic development, the country needed to attract at least $30 billion annually. foreign investment ²⁰.

In 1996/97, the Council for Attracting Foreign Investment was established. Its activities focused on developing proposals to improve the investment climate in the country, analyzing the needs of various sectors of the Indian economy for innovation and capital inflows, and promoting priority projects among potential investors. The Council includes representatives of the Ministry of Trade and Industry, the Federation of Chambers of Commerce and Industry of India, the Confederation of Indian Industry, and others. ²¹

In order to streamline the consideration of investment proposals of large foreign companies whose registration did not fall under the automatic approval regime, a Committee on Attracting Foreign Investment was established, which now reports to the Department of Economic Relations of the Ministry of Finance.

A noticeable improvement in the investment climate in India was observed only in 1998-1999, when it was clearly stated at the state level that FDI brings innovative technologies and modern management to the economy, contributes to improving the quality of manufactured products, and at the same time does not lead to an increase in the country's external debt.²² Meanwhile, attracting foreign investment was limited to a number of key sectors that determine the development of the entire country, which made FDI only an important addition to national investments in the Indian economy. As a follow-up to this strategy, the Office for Monitoring the Implementation of Projects involving Foreign Investment was established in 1999, which actually became a tool for monitoring foreign investment projects.

In its activities, the Office relies on the Accelerated Project Promotion Committee, which has offices in 30 departments of India to quickly resolve technical problems related to the investment of foreign capital in India.

The Department for Monitoring the Implementation of Projects involving Foreign Investment builds its daily work on a regional basis, working closely with representatives of the states and union territories of India. In addition, representative meetings with investors from the European Union, as well as individual countries-Italy, Switzerland, the Netherlands, and the Republic of Korea-have been organized in recent years to provide feedback to them. Thus, the Office has become an effective structure for stimulating FDI inflows. It now successfully solves up to 70% of foreign investors ' problems related to investment in India.²³

In order to facilitate the investment of FDI, since the late 1990s, the Indian legislation regulating the financial sector has been gradually adapted to international standards. The Currency Exchange Regulation Act, passed in 1973 in the face of a shortage of India's gold and foreign exchange reserves, lasted for almost three decades. This law successfully regulated transactions in foreign exchange, securities, and capital flows. Prior to 1991, investments of foreign business capital in the Indian economy were allowed in the amount of no more than 40% of the authorized capital, and only in certain sectors of the economy with prior government approval for operations, and the use of foreign brands in India was prohibited.²⁴

At the first stage of economic liberalization in 1991-1997, a change in legislation allowed for the introduction of an automatic registration of investment proposals for 35 high-priority sectors of the economy (with certain reservations and provided that the share of foreign capital in the joint venture did not exceed 51%). In fy97/98, this limit was raised to 74% for some industries, including construction and road infrastructure. Thus, important steps have been taken to meet FDI, indicating a major shift in India's economic policy. In 1997-2000, the automatic foreign investment approval regime was extended to 111 sectors of the economy, which in turn were divided into four groups, in which the volume of authorized FDI was equal to 50%, 51%, 74%, 100% respectively ²⁵.

In the context of a significant-

After the liberalization of the Indian economy, investment legislation no longer fit into the new management system. The law on the organization of foreign exchange, adopted in 1999, was characterized by a more liberal approach to regulating foreign exchange transactions and capital flows in general, in accordance with the relevant legislation of developed countries. In 2002, the Law on Prevention of Money laundering was adopted.

In order to overcome the innovation gap between the Indian military-industrial complex and the developed countries of the West and stimulate arms exports, it was decided in 2001 to open this segment of the economy to foreign investment. Large Indian corporations were granted the right to produce non-strategic military equipment through a licensing system and attract foreign capital for this purpose (up to 26%).

In FY 2001/02, the establishment of non-bank financial companies was allowed, subject to obtaining the appropriate permission from the Reserve Bank of India (RBI), and access of foreign entrepreneurs to operations in the banking sector, stock market, insurance, etc. was facilitated. In June 2002, the Government of India allowed foreigners to own newspapers and magazines (up to 26% of the authorized capital for news periodicals and 74% for other publications).

Since 2005, the Indian government has increased the presence of foreign capital in the banking market by encouraging the opening of branches of foreign banks, and since April 2009, it has allowed mergers and acquisitions of Indian private banks by foreign ones. Currently, the maximum level of foreign participation in the banking sector is limited to 74%.

In the field of credit, foreign capital is mainly concentrated in branches of foreign banks. As of the beginning of 2011, there were over 310 branches of 38 foreign banks in India (another 45 banks have representative offices in India). Foreign capital participation in the Indian banking system is relatively small, although it tends to grow.

In the financing of India's foreign trade, foreign banks have an almost complete monopoly, since they have a number of advantages over Indian ones in matters related to management and the amount of funds provided. These banks also perform the normal functions of commercial banks. At the same time, at least 32% of all loans provided by them should be directed to priority areas of development of the Indian economy.

THE ECONOMY CONTINUES TO OPEN, BUT WITH RESTRICTIONS

By April 2011, India was able to invest 100% of its authorized capital in a significant number of sectors of the economy, including: pharmaceuticals; production, transmission and distribution of electricity (except for nuclear power plants); production of computers and components; oil refining; food and beverage industry; construction of roads (including toll roads), etc. highways, ports and harbors, automobile bridges, subways; creation and maintenance of new airports.

It is also allowed to provide many types of services, including: non-bank financial; research; architecture; construction and engineering; information technology, including software production; film industry; entertainment TV channels and advertising; venture funds; air pollution control; urban planning; hotel and tourism services; education, including higher education; healthcare; road, sea and inland water transport; helicopter transportation, etc.

At the same time, in most cases, the so-called automatic mode of obtaining permission to invest in India is in effect. This rule applies to such industries as insurance (up to 26% of the authorized capital); private banking (up to 74%); airlines serving domestic airlines (up to 49% and 74%); telecommunications services: mobile and landline communications (up to 49%); healthcare and education (up to 51most consulting services (up to 49%); provision of Internet provider services (up to 49%); exploration and production of coal and lignites for domestic consumption of companies (up to 49%); exploration of diamonds and other precious stones (up to 74%); wholesale trade with access to the foreign market (up to 49%); intercorporate e-commerce (up to 100% subject to mandatory sale of 26% of shares to the Indian side within 5 years, if the company's shares are listed on stock exchanges of other countries); tea growing.

Despite this, foreign investment in a number of industries is still limited to obtaining a preliminary permit: These are TV broadcasting, newspapers and magazines (up to 26%); the military-industrial complex (up to 26%, with a license from the Ministry of Defense of India); radio broadcasting on FM waves (up to 20%); the state banking sector (up to 20%).* industries reserved for small-scale industry (up to 24%); satellite launch and operation (up to 74%); exploration and production of radioactive minerals (up to 74%); construction of gas pipelines (up to 100%), etc.

At the same time, a number of Indian industries are still closed to foreign investors.

These are: nuclear power industry; lottery business; slot machines and betting acceptance; nidhi companies**; housing construction and real estate transactions (open to NIPS and only in cities of complex development in FEZs); retail trade (except for products of single-brand companies, where FDI is allowed up to 51%); agriculture (except for floriculture, horticulture and horticulture, fish farming, cultivation

* The public sector continues to dominate the banking sector in India. Currently, it accounts for about 75% of banking operations. However, at the end of the first decade of the XXI century. foreign investors were allowed to invest in state-owned banks under certain conditions.

** Nidhi-non-bank financial intermediaries in India, which, along with traditional local banking organizations and the usury system, are one of the elements of the unorganized segment of the country's money market.

mushrooms, as well as services related to agriculture and related industries); plantation economy (excluding tea growing); railway transport (FDI is possible in a number of related industries, for example, in the construction of railway tracks, rolling stock, container transportation); legal services; accounting services and audit.

In parallel with the relaxation of investment legislation, tax reform was actively implemented, also designed to facilitate the simplification of the regime of foreign investors in India and attract FDI to the economy. The structure of customs duties and federal excise taxes was optimized, corporate tax rates were reduced (for foreign companies it is now 40%), and the system of benefits and preferences for corporations operating in remote areas of the country was revised. In addition, India has concluded double taxation agreements with ⁷⁹ countries26 to make it easier for foreign investors to do business.

Currently, foreign entrepreneurs can make investments in a number of industries automatically, without obtaining prior approval from the Indian government, and for Indian companies participating in joint ventures, only the notification nature of receiving FDI is left.

At the same time, to prevent the Indian economy from becoming overly dependent on foreign investors, the Government of India sets certain conditions for them. For example, in the production of automobile engines, foreign firms are required to use local automotive components, and the import of components is allowed if the export performance for the previous financial year improves.

Despite the significant liberalization of investment legislation in the 2000s, one of the problems hindering the inflow of FDI is still the legislative framework that in some cases does not meet international standards. Currently, more than ⁶⁰ laws and regulations governing the financial sector, including the mechanism for investing in India, need to be finalized27.

In this regard, the Government of India established a Commission in March 2011 to reform the legislation governing the financial sector. It consists of 11 prominent lawyers and entrepreneurs. By March 2013, the Commission should provide the Government with an opinion on the harmonization of the country's financial legislation, making it more transparent and clear, and adapting it to the needs of today. It is expected that this will greatly facilitate the work of both local and foreign entrepreneurs in India.

* * *

Thus, as a result of the ongoing liberal reforms, the investment climate in India is changing for the better. According to experts, the volume of FDI to India is expected to reach about $50 billion in 2011 and $60 billion ⁱⁿ 2012.2".

The volume of foreign investment attracted to India is still below the potential level. Nevertheless, their influx allows Indian companies to obtain advanced technologies necessary for conducting competitive business and expand ties with foreign markets, improve Indian infrastructure, especially in FEZs, and boost the development of high-tech industries. All this generally contributes to the modernization of the economy and, as a result, increases the economic weight of India in the world.

¹ Economic Survey 2009 - 10. Government of India, Ministry of Finance, Department of Economic Affairs, Economic Division. Oxford University Press. February 2010. Page A77. UNCTAD, World Investment Report 2011 - http://www.unctad.org/sections/dite_dir/docs/wir11_fs_in_en.pdf

² UNCTAD, World Investment Report 2011 - http://www.unctad.org/sections/dite_dir/docs/wir11_fs_in_en.pdf

³ Ibidem.

⁴ Ibid.

⁵ http://www.middleeastelectricity.com/Global/Middle_East_Ele-ctricity/pdf/UAEachievesDh2 2bntrade surpluswithIndia04Sep10Eb.pdf

⁶ Ibidem.

⁷ http://meaindia.nic.in/meaxpsite/foreignrelation/malaysia.pdf

⁸ http://blog.made-from-india.com/Indian_exports_to_malaysia_climb_up_byl30_-41.html

⁹ http://meaindia.nic.in/meaxpsite/foreignrelation/malaysia.pdf

¹⁰ http://en.wikipedia.org/wiki/Pharmaceuticals_in_India

¹¹ http://www.advisersperspectives.com/commentaries/matthews021211.php

^{Srabani Roy Choudhury.} 12 Japan's Foreign Direct Investment Experiences in India: Lessons Learnt from Firm Level Surveys. Indian Council for Research on International Economic Relations. December 2009, p. 3 - 4.

¹³ Ibid., p. 5.

¹⁴ http://en.wikipedia.org/wiki/Special_Economic_Zone

¹⁵ http://dipp.nic.in/japan/japan_cell/Maharashtra.pdf

¹⁶ Economic Department, Ministry of Finance&Company Affairs. 1992. Economic Survey 1991 - 1992 // New Delhi, Ministry of Finance&Company Affairs, Government of India, p. 23.

^{Boutron Isabelle.} 17 2005. The Swadeshi Jagaran Manch: An Economic Arm of the Hindu Nationalist Movement. In Critical Issues in Indian Politics. The Sangh Parivar, p. 394. New Delhi, Oxford University Press.

^{Tharoor Shashi.} 18 1997. India: from Midnight to the Millenium. India: Penguin Books. P. 173.

¹⁹ Economic Department, Ministry of Finance&Company Affairs. 1996. Economic Survey 1995 - 1996 // New Delhi, Ministry of Finance &Company Affairs, Government of India, p. 15.

^{Kulwindar Singh.} 20 Foreign Direct Investment in India. A Critical Analysis of FDI from 1991 - 2005. Centre for Civil Society, New Delhi. Research Intership Programme, 2005 - http://unplanl.un.org/intradoc/groups/public/documents/apcity/unpan024036.pdf

²¹ http://finance.indiamart.com/investment_in_india/fipc.html

²² The Bharatiya Janata Party. Election Manifesto 1999 -http://www.bjp.org

²³ http://business.mapsofindia.com/fipb/foreign-investment-implementation-authority.html

^{Misra S.K., Puri V.K.} 24 Indian Economy. Its Development Experience. 19-th ed. June 2001. Himalaya Publishing House, p. 730 -732.

²⁵ http://www.cgijeddah.com/cgijed/comm/indian%20eco&trd%20info/fdi%20regulations.htm

²⁶ http://en.wikipedia.org/wiki/Double_taxation

²⁷ http://www.business-standard.com/india/news/govt-forms-fslrc-to-examine-oversightregulato rs/130145/on

^{Ramkishen S. Rajan, Sunil Rongala, Ramya Ghosh.} 28 Attracting Foreign Direct Investment (FDI) to India. April 2008, p. 20.

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