Sunday 20 April 2014
News updated at 8:38 AM IST
Weather
Max: 35°C
Min : 22°C
In Bangalore
Partially cloudy

India taking more steps to increase investment: PM

Greater Noida, May 5, 2013, DHNS:

Promises to fast-track major projects

Manmohan Singh addresses the 46th Annual Meeting of the Board of Governors of ADB in Greater Noida on Saturday. PTI

As drop in investment slows India’s economic growth, Prime Minister Manmohan Singh on Saturday assured the global audience that the country was taking many more steps to increase investment for accelerating the pace of economy.

 “We are initiating measures to spur investment and to make India more attractive to investors both at home and abroad. We have taken steps to fast track major infrastructure projects," Singh said while inaugurating the 46 Annual General Meeting of the Asian Development Bank here.

 Between 2004–11, a period that includes the global financial crisis, India’s growth averaged 8.3 per cent per year. High growth and higher incomes added to demand, especially for food, electricity, and transportation. This growth outpaced new investment in power plants, roads, and coal production. As concerns over corruption slowed down approvals for new projects, supply bottlenecks became evident.


 However, in the past few months, the government has taken steps to restore growth; for instance, laying out a plan to cut the losses of local power companies, creating the Cabinet Committee on Investment, and relaxing norms on foreign direct investment. Singh also spoke of Asia’s role in reviving global growth. "The Asian region is expected to play a crucial role in driving and stabilizing the global recovery process," he said.

  Citing statistics, he said: “At purchasing power parity, emerging economies accounted for 80 per cent of the world growth in 2012, with emerging Asia accounting for a majority of it and China and India accounting for 35 per cent and 10 per cent of world growth respectively. This trend is only likely to continue in the years to come," the Prime Minister said. 

Finance Minister P Chidambaram, in his address to one of the business sessions of the ADB, voiced similar sentiments, saying India was determined to boost investment – both domestic as well as foreign.

 The gross fixed investment rate has declined from 32.9 per cent in 2007-08 to 30.6 per cent in 2011-12.  Many projects are plagued by last-mile bottlenecks in fuel supply, environment clearance, forest clearance, and land acquisition, the finance minister said.
Chidambaram, who is also chairman of the ADB Board of Governors, said the government is determined to accelerate the pace of inclusive growth reiterating committment to fiscal consolidation.

Go to Top

Photo Gallery
Actor-Director Farhan Akhtar along with Rahul Bose and Ronnie Lahiri during the inauguration ...

Actor-Director Farhan Akhtar along with Rahul Bose and Ronnie Lahiri during the inauguration ...

During the extended week end, large number of tourists flock to Amba vilas palace, in Mysore. DH...

During the extended week end, large number of tourists flock to Amba vilas palace, in Mysore. DH...

A farmer trying to drain out water from his wheat field with the help of a bucket after heavy...

A farmer trying to drain out water from his wheat field with the help of a bucket after heavy...

Rickshaw pullers try to keep their balance as they ride past a dust storm in Agartala, Saturday...

Rickshaw pullers try to keep their balance as they ride past a dust storm in Agartala, Saturday...

People drinking coconut water on a hot summer day near VV Mohall, in Mysore. DH photo

People drinking coconut water on a hot summer day near VV Mohall, in Mysore. DH photo

Transgenders celebrate the Supreme Court's verdict recognising transgenders or eunuchs as third...

Transgenders celebrate the Supreme Court's verdict recognising transgenders or eunuchs as third...

School children paint on the body of a tram during the 'World Art day' celebrations in Kolkata on...

School children paint on the body of a tram during the 'World Art day' celebrations in Kolkata on...

Shuttler Saina Nehwal with students at a promotional event in Hyderabad on Saturday. PTI Photo

Shuttler Saina Nehwal with students at a promotional event in Hyderabad on Saturday. PTI Photo

Children participating in the drawing and patinting competition, organised by Manjushri arts and...

Children participating in the drawing and patinting competition, organised by Manjushri arts and...

Police and locals remove rubbles from a vehicle damaged after landslide on Jammu-Srinagar ...

Police and locals remove rubbles from a vehicle damaged after landslide on Jammu-Srinagar ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523