Financial Daily from THE HINDU group of publications
Wednesday, Oct 20, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 20, 2004 |
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Infrastructure Logistics - Infrastructure Priority for infrastructure, Manmohan tells investors — Transparent regulatory framework soon Our Bureau
New Delhi , Oct. 19 THE Prime Minister, Dr Manmohan Singh, on Tuesday said the Government was trying to bring about a "transparent and independent" regulatory framework that would help increase the flow of foreign investment in the infrastructure sectors. He said the country had the capability to attract $150 billion of foreign investment in infrastructure over a decade. "We believe the Indian economy can absorb up to $150 billion of foreign investment in the infrastructure sector over the next 10 years. We are working towards creation of a regulatory framework in infrastructure sectors that would be transparent and independent and based on international best practices," Dr Singh said, while inaugurating the India-Asean Business Summit here. Inviting the Asean (Association of South-East Asian Nations) countries to invest in India, Dr Singh said airports and railways required $55 billion over the next 10 years, whereas the power and telecom sectors needed $75 billion and $25 billion respectively over five years. Given the Government's intent to achieving growth rates of 7-8 per cent over the next decade, every effort will be made to promote investment by creating a climate conducive to investors, said Dr Singh. He reiterated that infrastructure would get the highest priority of the Government. Asian economic community: Dr Singh also stressed on the need to take the existing India-Asean relationship to a higher level through an Asian Economic Community, which would encompass Asean, China, Japan, Korea and India. "This community of nations would constitute an `arc of advantage', across which there would be large-scale movement of people, capital, ideas and creativity. Such a community would be roughly the size of the European Union (EU) in terms of income, and bigger than NAFTA (North American Free Trade Association) in terms of trade. "It would account for half the world's population, and it would hold foreign exchange reserves exceeding those of the EU and NAFTA put together," said Dr Singh, calling this "an idea whose time is fast approaching." States must build ties: Dr Singh also called upon the State Governments to develop mutually beneficial co-operation with the Asean region. "The development of ports in West Bengal, Orissa, Andhra Pradesh and Tamil Nadu can re-build maritime links of the Coromandel Coast with South-East Asia," he said. Dr Singh also said that India and Asean would work for the creation of a Regional Trade and Investment Area to take bilateral trade to the target of $30 billion by 2007 - through "progressive elimination of tariff and non-tariff barriers, progressive liberalisation of trade in services and through liberal and competitive investment regime." Meanwhile, the Asean Secretary General, Mr Ong Keng Yong, said the association's concern was "how to be competitive vis-à-vis China, India, US, EU, Australia and New Zealand." He said the priority areas for co-operation include food, agro and rubber-based sectors, automotives, biotechnology, fisheries, electronics, health, travel and tourism, and information communications and technology sectors.
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