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India to spend one trillion dollars on infrastructure development


June 24, 2011 - New Delhi

Union Commerce and Industry Minister Anand Sharma has said that India will be spending around a trillion dollars on development of infrastructure in the next Five Year Plan beginning 2012.

Addressing the 36th Annual Summit of the US India Business Council (USIBC) in Washington on Thursday, Sharma said: "There are many gaps in the infrastructure which present opportunities for investment, especially in energy, roads and power."

He said there is requirement for investment to bring about the Second Green Revolution in India and to develop the agro-processing and food processing sectors.

He also emphasized the need to give strength to ongoing technological collaboration between both countries through institutional linkages and co-development of technologies.

He also pointed out the opportunities available in India in the manufacturing sector, in pharmaceuticals, in research and development and in a number of other sectors.

Sharma highlighted the strategic partnership between India and the United States, which is based on shared values of democracy, plurality and the rule of law.

He stressed on the commercial aspects of the relationship and pointed out the tremendous opportunities are available to US companies for investment and partnership with India.

The USIBC is the premier business advocacy organisation in the US committed to strengthening US-India commercial ties and deepening two-way trade between the two economies. It comprises 370 of the top US companies investing in India.

ANI

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