Press Esc to close
Monday 21 August 2017
News updated at 8:57 PM IST

India taking more steps to increase investment: PM

Greater Noida, May 5, 2013, DHNS: 22:49 IST

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
Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Artists rest at an artisan village in Kolkata on Monday ahead of upcoming Durga Puja...

Artists rest at an artisan village in Kolkata on Monday ahead of upcoming Durga Puja...

Devotees gather to take holy dip at Har ki Paidi on the occasion of Somvati Amavasaya in...

Devotees gather to take holy dip at Har ki Paidi on the occasion of Somvati Amavasaya in...

MD and CEO, Mercedes-Benz India, Roland Folger and AMG driver Christian Hohenadel during the...

MD and CEO, Mercedes-Benz India, Roland Folger and AMG driver Christian Hohenadel during the...

Indian women's cricket team member Veda Krishnamurthy being felicitated by CII Sourthern Region...

Indian women's cricket team member Veda Krishnamurthy being felicitated by CII Sourthern Region...

A view of Salt Lake Stadium, officially known as Vivekananda Yuba Bharati Krirangan being...

A view of Salt Lake Stadium, officially known as Vivekananda Yuba Bharati Krirangan being...

The Golden Temple being decorated with flowers on the eve of the anniversary of the installation...

The Golden Temple being decorated with flowers on the eve of the anniversary of the installation...

Villagers use a makeshift bamboo bridge to cross a flooded locality at Itahar village in...

Villagers use a makeshift bamboo bridge to cross a flooded locality at Itahar village in...

web series Netflix's Sacred Games in...

web series Netflix's Sacred Games in...

A butterfly on a flower at a park in Guwahati on...

A butterfly on a flower at a park in Guwahati on...

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
Powered by Yodasoft Technologies Pvt. Ltd.