India breaks into top league

News posted at :http://timesofindia.indiatimes.com/articleshow/1140106.cms

"India breaks into top league
In an extraordinary updating of history, London's mayor has boldly gone where the Grand Old Man of India once went before, by reversing Dadabhai Naoroji's 1901 theory of the drain of wealth from the Ganges to the Thames.

Now, says mayor Ken Livingstone in a new report due out on Monday night, there is a constant and cheering mutually-beneficial flow of wealth from the Ganges to the Thames with Indian foreign direct investment in the British capital second only to that of the US.

Livingstone's report, titled somewhat cheekily From the Ganges to the Thames, says London was the destination for 55 of 119 Indian FDI projects in Europe between 1997 and 2004. It represents a remarkable rise from a grand total of just five Indian FDI projects in 1997.

The report, commissioned by the mayor to reflect the altered reality of voluntary Indian contribution to the British economy, uses the Ernst and Young European Investment Monitor to identify trends and patterns of Indian FDI into London, the UK as a whole and the rest of Europe "

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