Vice President M Hamid Ansari today said increased competition and greater exposure to global businesses have improved the performance of India companies.
"The increased competition, both domestic and foreign, and greater exposure to global businesses have helped improve the performance and competitiveness of Indian industry," he said.
This has benefited Indian consumers in terms of value, quality and choice of goods and services, he said at a seminar organised by India International Law Foundation here.
"As our economy continues to grow and its integration with the rest of the world intensifies, we need to attract more and more foreign investment to sustain our growth process," Ansari said.
Indian investments abroad will be helpful to the Indian companies in providing access to larger markets and other benefits that accrue from globalisation, he said.
Foreign investors need a different level of institutional assurance and comfort zone in order to be persuaded to invest for a long period of time, he said.
"While India could be a favoured destination for foreign investors, it may not be possible to persuade other countries to agree to the applicability of only Indian law in relation to related disputes, without conceding similar rights to foreign hosts with respect to our investments in those countries," he said.