They were participating in a debate organised by BBC at a city hotel late on Friday evening.

Mr Sushil Khanna, professor IIM, Kolkata said more than 50 per cent of FDI in China is merely "round tripping", that is illegal Chinese money taken out of the country and brought back through proper channels from countries such as Taiwan and Hong Kong. Only about $15 billion is actual foreign investment.

Mr Suhel Seth, managing partner, Counselage, was quick enough to rebut the claims. China is a better investment destination than India on any given day sheerly because of consistent policy, effective and clean administration and sound policy decisions. "Indian politicians just lack the will. Even today, we talk of reservation and creamy layers because important ministries are run by a bunch of jokers who care more for their vote bank than policies," he maintained.

All panelists regretted that even though we might be progressing well on the economic front, our infrastructure is in a shambles. "A lot needs to be done to improve education and primary health care, without which it won't be possible for us to get the upper hand over China, which has put a very robust system in place, observed Mr Seth.

The panelists observed that India has a huge potential as the requirement of funds to develop infrastructure and industry is huge and it won't be possible for the domestic investors alone to pump in the money. Mr Rajeev Talwar, group executive director, DLF Constructions said that the country required more than $320 billion in infrastructure alone. This proves the huge capacity of the country to absorb funds, Mr Talwar added.