Ministry of Infrastructure
"India's economy is expected to grow at rates above eight per cent in the 11th plan," he told participants of the conference, adding that unless investment grows at the same pace, it would not be possible to sustain the pace of economic growth.
"The infrastructure deficiency is visible because of high growth," he said. The country, he added, can absorb as much as $150 billion in direct investment from overseas to upgrade its roads, ports, power plants and airports.
Chidambaram said the rapid pace of economic growth has exposed the infrastructure deficiencies in the country. It is particularly obvious in congested highways, ports and airports, he added.
Infrastructure Government had long been in the domain of public sector, which resulted in inadequate development. Hence, there was a need for private participation in the sector. He said the country needed investments to the tune of ` 1,100,000 crore for infrastructure development in the Tenth Plan alone while it would require ` 2,200,000 crore for investments in national highways, airports and ports by the year 2012.
Last updated On: 7th May 2011
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