Infra sector needs $356 bn investment
The country needs investment of up to $356 billion during the 11th Five Year Plan for the infrastructure sector and investors have been allowed to borrow $22 billion from overseas markets, senior officials said on Tuesday.
By PTI |
NEW DELHI: The country needs investment of up to $356 billion during the 11th Five Year Plan for the infrastructure sector and investors have been allowed to borrow $22 billion from overseas markets, senior officials said on Tuesday.
"India would require about $356 billion for the infrastructure sector during the 11th Plan period as the sector would witness a compounded annual growth rate of more than 21 per cent," Planning Commission Adviser Gajendra Haldea said at a conference here.
The Gross Capital Formation would be about 104 crores by 2011-12.
Joint Secretary (Infrastructure) Department of Economic Affairs Arvind Mayaram said banks are gearing up to meet the funding required for this sector and cited that Citigroup and IDFC have joined hands to create a corpus of $5 billion by the end of next month to be lent to prospective investors.
Mayaram said External Commercial Borrowing norms have been eased to enable investors borrow about $22 billion from the overseas markets to enable them fund their projects.
He added that government wanted the infrastructure projects to be inclusive in nature and that is why a panel of consultants has been finalised to ensure proper blending of projects to ensure overall growth.
Cabinet Secretary B K Chaturvedi said foreign investment was welcome in infrastructure and also in higher education.
Haldea said the funds needed for the sector in the 10th Plan alone is $163 billion.
"India would require about $356 billion for the infrastructure sector during the 11th Plan period as the sector would witness a compounded annual growth rate of more than 21 per cent," Planning Commission Adviser Gajendra Haldea said at a conference here.
The Gross Capital Formation would be about 104 crores by 2011-12.
Joint Secretary (Infrastructure) Department of Economic Affairs Arvind Mayaram said banks are gearing up to meet the funding required for this sector and cited that Citigroup and IDFC have joined hands to create a corpus of $5 billion by the end of next month to be lent to prospective investors.
Mayaram said External Commercial Borrowing norms have been eased to enable investors borrow about $22 billion from the overseas markets to enable them fund their projects.
He added that government wanted the infrastructure projects to be inclusive in nature and that is why a panel of consultants has been finalised to ensure proper blending of projects to ensure overall growth.
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Cabinet Secretary B K Chaturvedi said foreign investment was welcome in infrastructure and also in higher education.
Haldea said the funds needed for the sector in the 10th Plan alone is $163 billion.
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