India has been and continues to be a capital importing country. However, with large foreign exchange reserves of about US$280 billion, India should consider using these reserves to lend to Indian business firms investing in foreign countries. In this connection, it would be useful to establish Overseas Investment Promotion Council of India. (India Investment Centre focuses on attracting inward investment.)
To begin with, the council should facilitate Indian investment in foreign countries in sectors such as exploration of oil and gas, mining of minerals including rough diamonds, lead ore & zinc ore, production and processing of edible oil seeds & pulses, and raw cashew nuts on production sharing system. India at presents imports all the above items and it would be useful to have reliable sources of supplies. The investment may be in the form of joint venture involving the Government of India, Indian business firms and companies in foreign countries where the projects are to be located.
India at present invests its foreign exchange reserves mainly in central banks of developed countries with negligible interest rates.
Agricultural lands can be taken on lease countries like Guyana, Suriname and countries of East Africa as well as West Africa.