US can participate in $1 tn infra investment: Montek

The Planning Commission said the US can participate in the development of India's infrastructure sector.

The Planning Commission said the US can participate in the development of India’s infrastructure sector,the requirement for which is being pegged at USD 1 trillion in the 12th Five-Year Plan (2012-17).

“The field (of investment in infrastructure sector) is wide open. The US can participate anywhere,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters on the sideline of a conference on prospects of economic and financial sector reforms.

Ahluwalia,who participated in the conference along with the visiting US Treasury Secretary,Tim Geithner,also exuded confidence that Indian economy can grow at a faster pace and “9 to 10 per cent is achievable”.

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Of the proposed investment of USD 1 trillion in the infrastructure sector during the 12th Plan,he said,private sector would be expected to contribute up to 40-50 per cent.

“Private investments of one trillion dollar (during 2012-17) will be somewhere between 40 and 50 per cent,” he said.

“In the 11th Plan (2007-12) we had said USD 500 billion for five years period. The Prime Minister has directed us to aim at one trillion dollars during the 12th Five-Year Plan,” he added.

On prospects of growth,Ahluwalia said that with adequate resources,investment and financial sector reforms it was possible to achieve high growth rate.

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India’s growth rate,which slipped to 6.7 per cent during 2008-09 following the global financial meltdown,is estimated at 7.2 per cent during 2009-10 and is slated to move up to 8.5 per cent during the current fiscal.