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India needs to spend 8% GDP on infrastructure
By agencies
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Monday, 07 August 2006, 19:30 IST
NEW DELHI: A research conducted by the Confederation of Indian Industry (CCI) has found that India needs to invest $331billion, (8 percent of its GDP) on new infrastructure, over the next five years to sustain rapid economic growth.
The CCI said that India was spending much less on services like roads and ports than China and other Asian countries.
Though Indias economy is growing at an annual rate of 8 percent a year, experts have warned that this growth would decline if the country does not build enough new roads, ports, airports and power stations.
The study said that the country should spend about $47 billion on infrastructure in the fiscal year till March 2007, which again has to be doubled to $84 billion a year by 2012.