India will soon become a favourite destination for foreign investors and will be able to double the foreign direct investment that presently stood at about $4.4 billion, according to one of the architects of the country's financial policies.

"India will be able to attract FDI of around $8 to $10 billion in the coming financial year," NK Singh, member of Planning Commission said on Thursday  on the sidelines of a conference in Singapore to invite FDI from Singapore and from the global funds.

This, he said, would be more realistic target if the government agrees with the recent recommendations by a ministerial panel to raise FDI limit in a number of sectors including civil aviation, telecom and petroleum.

India received $4.4 billion FDI in 2002 which was 65 per cent more than the previous year. Though India has overtaken many countries in the South East Asia in FDI, it is still far behind than what the country would require for its developmental projects, he said.

The increase in FDI flow in India is a trend that will stay for at least another five year, said Singh, adding that the trends over the last six months look very healthy.

"I believe that the target of $8 billion is not unrealistic as it would be strongly driven by the ongoing reform process," he said.

Besides, India's GDP growth would also attract foreign investment, he added.