Press Esc to close
Friday 24 March 2017
News updated at 11:19 PM IST

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
Members of Maharashtra Association of Resident Doctors (MARD) show placards during a protest...

Members of Maharashtra Association of Resident Doctors (MARD) show placards during a protest...

Actor-Director Pooja Bhatt with 82-year-old Chandro Tomar popularly known as Revolver Dadi...

Actor-Director Pooja Bhatt with 82-year-old Chandro Tomar popularly known as Revolver Dadi...

A view of the Yadiyuru Lake in Bengaluru...

A view of the Yadiyuru Lake in Bengaluru...

The 485 km long Manali-Leh strategic road being cleared of snow by Border Road Organisation...

The 485 km long Manali-Leh strategic road being cleared of snow by Border Road Organisation...

Girls light candles on a painting dedicated to the victims of the recent London attack...

Girls light candles on a painting dedicated to the victims of the recent London attack...

Renowned sand artist Sudarsan Pattnaik creates a sand sculpture on terrorist attack in London...

Renowned sand artist Sudarsan Pattnaik creates a sand sculpture on terrorist attack in London...

Workers prepare to lift the sunken Sewol ferry, center, in waters off Jindo, South Korea...

Workers prepare to lift the sunken Sewol ferry, center, in waters off Jindo, South Korea...

Farmers from the southern state of Tamil Nadu display skulls, who they claim are the remains...

Farmers from the southern state of Tamil Nadu display skulls, who they claim are the remains...

Artists perform during Annual Mega National Festival 'One India' in Jalandhar...

Artists perform during Annual Mega National Festival 'One India' in Jalandhar...

Fire personnel dousing a major fire that broke out in the shops outside Mahakaleshwar temple...

Fire personnel dousing a major fire that broke out in the shops outside Mahakaleshwar temple...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523