New Delhi, Feb 28 (IANS): India welcomes foreign capital for growth and easing the high current account deficit, and the government will do everything to clearly communicate its policies that facilitate overseas investment, Finance Minister P. Chidambaram said Thursday.

"India does not have choice between welcoming and spurning foreign investment; it is an imperative," Chidambaram said while presenting the federal 2013-14 budget to the Lok Sabha, the lower house of parliament.

According to the finance minister, foreign investment is in consonance with economic priorities of the country.

He said foreign investments will ease the current accounts deficit which will need $75 billion to bridge the gap.

Chidambaram said the government will do everything to clearly communicate its policies which encourage investments and that he intends to make the environment business-friendly in India.

"Doing business in India must be seen as easy, friendly and mutually beneficial," Chidambaram added.