'FDI needed to meet gap in domestic investments'
India needs to rope in substantial FDI to meet the gap in domestic investments to attain a growth rate of 8 per cent, Defence Minister Pranab Mukherjee said on Saturday.
By PTI |
FARAKKA: India needs to rope in substantial FDI to meet the gap in domestic investments to attain a growth rate of 8 per cent, Defence Minister Pranab Mukherjee said on Saturday.
Speaking at the foundation stone-laying ceremony of a cement plant here, Mukherjee said current domestic investment is around 24 per cent and we have to make it up to 32 per cent to achive the growth rate of eight per cent.
"This gap needs to be bridged. We need to overcome narrow political gains for development in states. West Bengal's growth is above national average, which is praiseworthy," he said.
On the occasion, West Bengal Chief Minister Buddhadev Bhattacharjee said the state was receiving all support from the Centre on economic issues.
"This new plant in Murshidabad district will kickstart the industrialisation process in the region, the economy of which has so far been agro-based," he said.
He said his government was contemplating creation of an industrial zone near Farakka to expand potential beyond jute, fruits, agro-based and tannery businesses.
Bhattacharjee laid the foundation of a Rs 115 crore cement grinding unit promoted by the Ambuja Cement Eastern Ltd, a joint venture between Gujarat Ambuja Cement Ltd and Holcim, the world's largest cement company.
The one million tonne capacity plant, to be commissioned by September 2006, will source 3.5 lakh tonnes of flyash from the NTPC Farakka plant and provide direct employment to over 2,000 people.
Speaking at the foundation stone-laying ceremony of a cement plant here, Mukherjee said current domestic investment is around 24 per cent and we have to make it up to 32 per cent to achive the growth rate of eight per cent.
"This gap needs to be bridged. We need to overcome narrow political gains for development in states. West Bengal's growth is above national average, which is praiseworthy," he said.
On the occasion, West Bengal Chief Minister Buddhadev Bhattacharjee said the state was receiving all support from the Centre on economic issues.
"This new plant in Murshidabad district will kickstart the industrialisation process in the region, the economy of which has so far been agro-based," he said.
He said his government was contemplating creation of an industrial zone near Farakka to expand potential beyond jute, fruits, agro-based and tannery businesses.
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Bhattacharjee laid the foundation of a Rs 115 crore cement grinding unit promoted by the Ambuja Cement Eastern Ltd, a joint venture between Gujarat Ambuja Cement Ltd and Holcim, the world's largest cement company.
The one million tonne capacity plant, to be commissioned by September 2006, will source 3.5 lakh tonnes of flyash from the NTPC Farakka plant and provide direct employment to over 2,000 people.
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