Infrastructure aids boom to the development of a nation. Infrastructure problem is posing restrictions for the development of India.
To answer the infrastructure problem, Indian Prime minister, Dr. Manmohan Singh said on Monday that an investment of over 1 trillion USD is required for the infrastructure projects in the next 5 years plan starting form 2012.
Manmohan Singh has given an invitation to the Japanese firms to play important role in this venture.
Prime Minister said that UPA government is striving to continue the economic reforms to create a conducive investment environment and their by facilitate greater investments.
The government plans to reformation of both direct and indirect taxes with the purpose of
uniting indirect taxes into a single goods and services tax in coming time.
Attending a gathering of top business tycoons from India and Japan, he maintained that India’s growth slipped to 6.5 per cent due to the global economic crises, but it recovered and rose to 7.4 percent in 2009-10 and is expected to reach 8.5 in 2010-11.
He is optimistic that India will return to 9 per cent growth in 2011-12.
Prime minister, Manmohan Singh further said, . “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.”
Accepting that there are many challenges to address in order to reach the figure of 9 per cent growth in 2011-12.
He asked the Japanese firm for their support. He said, “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 $1 trillion, part of which will come from within but “we expect Japanese companies to also provide their support.”