The Hindu Business Line : India is one of the best infrastructure investment destinations: Kamal Nath

The Union Minister for Commerce & Industry, Mr Kamal Nath, with the US Under Secretary for Farm & Foreign Agriculture Services, Mr J.B. Penn, in the Capital on Wednesday. - Kamal Narang

New Delhi , Nov. 16

THE Commerce and Industry Minister, Mr Kamal Nath, on Wednesday urged the business community and other investors from the US to look at India as a "great opportunity" in the area of infrastructure.

Inaugurating the 2nd Indo-US Economic Summit, organised by the Indo-American Chamber of Commerce (IACC), Mr Kamal Nath said that the response of the US towards infrastructure has been lukewarm. He highlighted that the Prime Minister, Dr Manmohan Singh, had said that India requires $150 billion in infrastructure in the next five years.

"We have put in place infrastructure finance mechanism, viability gap funding and all this together makes India one of the best infrastructure investment destinations in the world," Mr Nath said.

He added that the Government would be focused on making India a manufacturing hub. "India has emerged as a low cost base for manufacturing and this has been realised throughout the world. India is now set to become a major manufacturing hub."

The Commerce Minister said that the problem of infrastructure has to be addressed if the country were to maintain its growth rate.

Level of trade low: Later speaking at a separate session, Mr Baba Kalyani, Chairman and Managing Director, Bharat Forge Ltd, said that the level of trade between India and the US is abysmally low for the size of India. He called for new initiatives to increase bilateral trade.

Stating that India has several advantages in manufacturing, he pointed out that the country has not adequately tapped the opportunities in manufacturing exports. Mr Kalyani called for a thrust on manufacturing in all the Indo-US dialogues.

He also raised the issue of visa procedures being adopted by the US administration and highlighted that "genuine" businessmen are sometimes facing difficulties in obtaining visas.

"If there is one issue that needs to be addressed, it is that of the visa regulations. The US administration has to review its procedures," Mr Kalyani said.

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