U.S. should invest $150B in India: Fin Min

By agencies   |   Monday, 26 September 2005, 07:00 Hrs
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WASHINGTON: India has asked the U.S. to invest $150 billion over the next five years in India's infrastructure sector to sustain the country's high growth path.

Indian Finance Minister P. Chidambaram who was in the U.S., said “India required large investments in the infrastructure sector to maintain high GDP and industrial development,” after meeting World Bank Chief Paul Wolfowitz, U.S. Treasury Secretary John Snow and CEOs of American companies.

“India required 10,000 MW additional power generation capacities every year for the next 10 years and it requires investment of $ 10 billion annually,” he said adding huge investments were required in modernization of Delhi, Mumbai, Chennai, Kolkata and 25 other airports along with ports, railways and other sectors.

Inviting U.S. companies to invest in India’s manufacturing sector, he said that 78 percent of the foreign companies in India are making profit.

Chidambaram also said India has consistently achieved a near 7 percent annual growth rate in the last few years. Industrial growth rate was 8.2 percent during 2004-05.

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