ID :
147454
Tue, 10/26/2010 - 12:46
Auther :
Shortlink :
https://oananews.org//node/147454
The shortlink copeid
PM invites Japanese firms to invest in infrastructure projects
Tokyo, Oct 25 (PTI) Observing that infrastructure deficit
was posing a major constraint to India's growth, Indian Prime
Minister Manmohan Singh Monday said an outlay of over USD one
trillion was envisaged for infrastructure projects during the
next 5-year plan beginning 2012 and invited Japanese firms to
play a greater role in this endeavour.
Singh said his government was determined to continue the
economic reforms to create a favourable investment environment
and facilitate higher capital inflows and push the reform of
both direct and indirect taxes with the aim of unifying
indirect taxes into a single Goods and Services Tax in due
course.
Addressing a business luncheon attended by top business
leaders from India and Japan, he noted that India's growth,
which fell to 6.5 per cent in 2008-09 because of the global
economic recession, recovered to 7.4 per cent in 2009-10 and
is projected to be 8.5 per cent in 2010-11.
He hoped that India will return to 9 per cent growth in
2011-12.
"I am confident that strong fundamentals of the Indian
economy will enable us to achieve our objective of
double-digit growth in the coming decades," Singh said.
Underlining that he was not underestimating "many
challenges" that are faced in achieving such high level of
growth, he said "we need to close the infrastructure deficit,
especially in the power, transport and communication sectors.
"This is a major constraint on our development and we
will give high priority to infrastructure development in the
years ahead."
Singh said that India's investment needs will be at least
USD one trillion, part of which will come from within but "we
expect Japanese companies to also provide their support."
He said during India's next five-year plan from 2012 to
2017 "we envisage financial outlays of over one trillion US
dollars on infrastructure projects."
Private investment will play a large role in achieving
this target, Singh said, while asking Japanese companies to
play a much greater role in development of India's economy.
From India, Mukesh Ambani, Reliance Industries Chairman
and Managing Director; Sunil Bharti Mittal, Bharti CMD; Fortis
Chairman Malvinder Singh; and HDFC Chairman Deepak Parekh were
among those present at the luncheon.
was posing a major constraint to India's growth, Indian Prime
Minister Manmohan Singh Monday said an outlay of over USD one
trillion was envisaged for infrastructure projects during the
next 5-year plan beginning 2012 and invited Japanese firms to
play a greater role in this endeavour.
Singh said his government was determined to continue the
economic reforms to create a favourable investment environment
and facilitate higher capital inflows and push the reform of
both direct and indirect taxes with the aim of unifying
indirect taxes into a single Goods and Services Tax in due
course.
Addressing a business luncheon attended by top business
leaders from India and Japan, he noted that India's growth,
which fell to 6.5 per cent in 2008-09 because of the global
economic recession, recovered to 7.4 per cent in 2009-10 and
is projected to be 8.5 per cent in 2010-11.
He hoped that India will return to 9 per cent growth in
2011-12.
"I am confident that strong fundamentals of the Indian
economy will enable us to achieve our objective of
double-digit growth in the coming decades," Singh said.
Underlining that he was not underestimating "many
challenges" that are faced in achieving such high level of
growth, he said "we need to close the infrastructure deficit,
especially in the power, transport and communication sectors.
"This is a major constraint on our development and we
will give high priority to infrastructure development in the
years ahead."
Singh said that India's investment needs will be at least
USD one trillion, part of which will come from within but "we
expect Japanese companies to also provide their support."
He said during India's next five-year plan from 2012 to
2017 "we envisage financial outlays of over one trillion US
dollars on infrastructure projects."
Private investment will play a large role in achieving
this target, Singh said, while asking Japanese companies to
play a much greater role in development of India's economy.
From India, Mukesh Ambani, Reliance Industries Chairman
and Managing Director; Sunil Bharti Mittal, Bharti CMD; Fortis
Chairman Malvinder Singh; and HDFC Chairman Deepak Parekh were
among those present at the luncheon.
