India-Forums

   

PM assures new infrastructure investment policy soon

New Delhi, Oct 7 (IANS) Prime Minister Manmohan Singh Saturday assured a new investor friendly policy soon to meet India's requirement of around $320 billion for infrastructure development, particularly in railways, roads, port and power, over the next six years.

Saturday, October 7, 2006 | 2:21:45 PM IST (+05:30 GMT)
 0 Comments | By

New Delhi, Oct 7 (IANS) Prime Minister Manmohan Singh Saturday assured a new investor friendly policy soon to meet India's requirement of around $320 billion for infrastructure development, particularly in railways, roads, port and power, over the next six years.

'In the coming weeks and months we will finalise the framework for the remaining areas of infrastructure - like policy, regulatory and institutional framework,' the prime minister told a seminar on infrastructure here.

The new policy, he added, would ensure competitiveness and complete transparency in the process of inviting bids and award of contracts, besides putting in place a proper regulatory framework and dispute settlement mechanism.

Convened by the Planning Commission, the daylong conference was attended by Finance Minister P. Chidambaram, Railway Minister Lalu Prasad, Commerce Minister Kamal Nath, Planning Commission Deputy Chairman Montek Singh Ahluwalia and ministerial representatives from all states.

The prime minister said while India's economic growth has been averaging in excess of 8.0 percent 'the growth has not been without limitations. Many marginalised sections of our society and large segments of our farming community have not benefited from the growth process. We, therefore, need a faster and more inclusive growth process'.

He said to achieve a higher growth of 9-10 percent, additional sustained efforts to boost agricultural and manufacturing growth would be required.

'Our growth potential will be realised only if we can ensure that our infrastructure does not become a severe and critical handicap,' Manmohan Singh said.

The Planning Commission has estimated that investment in infrastructure - defined broadly to include road, rail, air and water transport, electric power, telecommunications, water supply and irrigation - will need about Rs.14.5 trillion or $320 billion during the 11th Five Year Plan (2007-12) period.

The prime minister, during an interaction with the industry leaders later, clarified that India is not looking overseas for meeting its investment needs.

With savings by Indians constituting 28-30 percent of GDP 'bulk of the funds will continue to be generated domestically', he said.

Foreseeing a larger role for private participation, particularly through public private partnerships (PPP), he said there is need to 'lay down a policy framework that assures a fair return for investors provided they attain reasonable levels of efficiency. But the policy must also protect the interests of users, especially the poor'.

The policy framework being mulled would seek to ensure tariffs and service quality are regulated and consumer access protected.

Since a large part of investor risk stems from uncertainty about government actions, the prime minister underlined the need for clarity in the policy and regulatory framework regarding private participation in any area.

Addressing a long standing demand of the industry, the prime minister stressed: 'There must also be assurance of a level playing field amongst competing suppliers, a consideration which becomes very important when private suppliers operate in competition with public sector suppliers as is the case in telecommunications, air travel, the power sector and railways.'

To ensure this, the prime minister advised establis

Copyright : Indo-Asian News Service
User Rating Rating(0 Votes)

Share On :

Share on Facebook Share on Twitter Share on Google+ Share on WhatsApp

To stay updated with similiar articles follow


User Comments & Ratings

Join India Forums for free to comment on this story. Have an account already? Use Quick Login to comment.
Dear Readers,
  • Please do not use derogatory comments in reply to the stories published on Telly Buzz, India-Forums.
  • The credibility of the site matter to us, and the comments in bad taste tend to invariably hurt the actors/production house/channel etc.
  • So kindly, refrain from creating an unhealthy atmosphere for all, and keep your comments constructive.
  • Also, please use the Rate It button if you want to just thank the author for posting the story.

Articles in National, Business

Art - Culture Business Diaspora
Education Health Politics
Religion Sports Sci-Tech
Travel

AROUND THE WORLD NOW

Asia America Australia
Africa Europe Gulf-Middle East
Pakistan Nepal Bhutan
Sri Lanka Bangladesh Maldives

Disclaimer: All Logos and Pictures of various Channels, Shows, Artistes, Media Houses, Companies, Brands etc. belong to their respective owners, and are used to merely visually identify the Channels, Shows, Companies, Brands, etc. to the viewer. Incase of any issue please contact the webmaster.

Popular Channels :
Star Plus | Zee TV | Sony TV | Colors TV | SAB TV | Life OK

Quick Links :
Top 100 TV Celebrities | Top 100 Bollywood Celebs | About Us | Contact Us | Advertise | Forum Index