India eyes American investors to raise $1 trillion

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Sam

29 June, 2011

India plans to raise $1 trillion in infrastructure financing by 2017, and hopes to achieve this goal by attracting US investors.

FINANCE MINISTER Pranab Mukherjee stated yesterday that India offers great investment opportunities for America, especially in infrastructure sector, adding that the American investors should not miss out such big projects. India plans to raise $1 trillion in infrastructure financing by 2017, and is seeking America’s help in achieving this goal.

Addressing a joint press conference with US Treasury Secretary Timothy Geithner after the two-day US-India Economic and Financial Partnership meeting, Mukherjee said yesterday that there are several big infrastructure projects in India that are looking for investors. Reserve Bank of India Governor D. Subbarao and US Federal Reserve Chairman Ben Bernanke also took part in the meeting, which was concluded yesterday.

On his part, Geithner spoke about the difficulties faced by the US companies while investing in such sectors as banking, insurance, manufacturing, multi-brand retail and infrastructure in India. The Indian government will have to take steps to tackle these obstructions if it is aiming for economic integration with America.

At the meeting, it was agreed that the two states will work together to improve trade and increase investment between the two economies, according to a joint statement issued at the end of the meeting. They also decided to narrow down their focus to three main areas in the coming year - macroeconomic challenges, financial sector reforms and infrastructure finance, it added. In addition to this, the US has pledged to invest in such sectors as technology and infrastructure that will help maintain its competitiveness on the global market, while India plans to focus on infrastructural development.