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Press Trust of India

India's largest news agency, Press Trust of India is a non-profit sharing cooperative owned by the country's newspapers. PTI's subscribers include newspapers, television channels, the state-run All India Radio and Doordarshan, the national broadcaster, government organisations, websites and several media and non-media organisations. With a staff of 1300 including 400 journalists, PTI has over 70 bureaus across the country and corresondents in major cities in the world.

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New Delhi: President Pranab Mukherjee shakes hands with French President Francois Hollande during a ceremonial reception at Rashtrapati Bhavan in New Delhi. PTI Photo

New Delhi: President Pranab Mukherjee shakes hands with French President Francois Hollande during a ceremonial reception at Rashtrapati Bhavan in New Delhi. PTI Photo

French firms to invest $10 bn in India in next 5 yrs: Sapin
New Delhi, Jan 25 (PTI) France's Minister for Finance and
Public Accounts Michel Sapin today said French companies have
been investing billions in India and he expects that they will
invest over USD 10 billion in the next five years.
"Over the last five years, French companies invested more
than USD 1 billion per year and we estimate that they will
continue to invest at least USD 10 billion in next five
years," Sapin said at the India-France business session
organised by industry body Ficci.
French companies represent 10 per cent of solar capacity
installed in India and by 2020-22, they could add additional
capacities, he said.
Sapin said France is the third-biggest foreign investor in India with an investment stock of USD 20 billion and there are more than 400 French companies present in India with a
consolidated turnover of over USD 20 billion.
"The majority of these investments are meant for the
industrial sector. This makes France a major player in Prime
Minister Narendra Modi's Make in India programme. This
complementarity can also been seen in the context of other
programmes of the Indian government," Sapin said.
The minister added that France has directed French
Development Agency to earmark 60 per cent of total financial
outlay to India.
"The economic presence of France in India goes back to
a long time and is very diverse. This expression of interest
in India did not wait for Indian GDP to supersede that of
China," Sapin said.
The agency operates in 70 countries and provides finance
for development. In 2014, it committed euro 8.1 billion across
the globe for various projects.
He met Finance Minister Arun Jaitley this morning and has
invited him to visit France for an annual economic dialogue
between the two countries.
"In France, Indian companies are too few in numbers though France is one of the biggest recipients of FDI in the world. count all French companies in India to act as ambassador for our country and invite their counterparts to discover in France what they are missing," Sapin stressed. PTI