Infrastructure development will be key priority: KV Kamath

MANIPAL: ICICI Bank and Infosys Chairman KV Kamath today said infrastructure development will be a key priority and the investment in this sector is projected to rise to over nine per cent of the GDP.

While just over 22,500 MW of power capacity was added in the five years from during 2001-2006, about 50,000 MW was added during the next five years FY2006-FY2011, he said addressing the Thirteenth Graduation Ceremony of Justice K S Hegde Institute of Management NITTE here.

The Twelveth Five Year Plan, beginning April 2012, estimates an investment of USD one trillion in infrastructure of which 50 per cent will come from private sector, Kamath said.

The GDP of the top three Indian cities namely Mumbai, Delhi and Kolkata will grow to a sizes equivalent of countries today, Kamath said.

"Mumbai will grow from GDP of USD 36.00 billion in 2010 to USD 265.00 billion in 2030 (Malaysia GDP was USD 220 in 2010). Delhi and Kolkata will grow to a GDP of USD 250.00 billion and USD 200.00 billion respectively by 2030," he said.

Kamath also said it is estimated that India will add around 11 million to the workforce every year for next five years and will account for 25 per cent of global workforce by 2020.