French firms to invest USD 10 bn annually in India: Michel Sapin

Finance Minister of France, Michel Sapin

During his visit to India alongside President Francois Hollande, Finance Minister Michel Sapin has stated that French companies will invest USD 10 billion in India over the next five years, chiefly in the industrial sector.

“Over the last five years, French companies have invested more than USD 1 billion per year in India” said Sapin. He added, “We estimate that they will continue to invest at least USD 10 billion over the next five years.”

Hollande, invited as guest of honor for India’s Republic Day celebrations, hopes to seal an intergovernmental deal that would result in sale of 36 Rafale combat jets made by Dassault Aviation.

“The majority of these investments are meant for the industrial sector, which makes France the major player in Prime Minister Modi’s ‘Make in India’ programme,” Sapin said.