Govt hopes 30 pc infra spend in 12th Plan from overseas

NEW DELHI: The government today exuded hope that a whopping 30 per cent of the targeted USD 1 trillion (Rs 45.37 lakh crore) investment towards infrastructure development in the next Five Year Plan ending 2017 would come from overseas.

"We aim to invest USD 1 trillion in the infrastructure sector in the 12th Plan Period. We hope 30 per cent of the proposed investment will come from various overseas funds," Road Transport and Highways Minister Kamal Nath told reporters on the sidelines of 9th Pravasi Bhartiya Divas here.

Aiming to provide a face-lift to the country's beleaguered infrastructure sector, government had pegged USD 500 billion investment for development of infrastructure during the 11th Plan Period (2007-12).

Prime Minister Manmohan Singh had earlier said that the investment in infrastructure sector should be doubled to USD one trillion during the 12th Five Year Plan to achieve 10 per cent GDP growth.

Nath said that various pension and other overseas funds were looking at India for long-term opportunities.

"India is moving on a growth trajectory and we have many challenges. Bridging infrastructure deficits a huge challenge," Nath said.

"The country faces huge deficit in roads and highways, port, airport. Urban transport will also be strengthened in major cities," he said adding that the country plans to launch USD 50 billion infrastructure funds.

Meanwhile, the Minister said that a special acceleratry programme for improving roads in North East worth Rs 10,000 crore was currently going on and more contracts would be awarded in the next two years.

Asked about the targeted 20 km a day road development, he said that the country had been building 12.5 km roads per day now.

Nath also said that Delhi metro would have 416 km of underground metro by 2017. This would also make it bigger than the London metro.