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$320 billion needed to build Infrastructure: Chidambaram
By siliconindia
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Tuesday, 06 February 2007, 18:30 IST
New Delhi: Finance Minister P. Chidambaram has invited foreign equity to invest in India"s infrastructure. "The country needs $320 billion for this sector over the next five years," he said at the infrastructure seminar organized by the World Bank.
According to Chidambaram, PPP model was the only lasting solution to improving the country's ailing infrastructure, which is acting as the main deterrent in the growth of India's economy. He also highlighted the Government's move in allowing 100 percent FDI (foreign direct investment) in most of India's infrastructure sectors.
The Finance Minister also underlined various constraints of weakness in regulatory framework, inadequate capacity of the market to meet long-term equity and debt financing, lack of bankable projects and lack of capacity in public institutions to manage the PPP process.