India solicits US investment in infra for 9-10% growth rate

Prime Minister Manmohan Singh today said India aims for a sustained 9-10 per cent economic growth over the next three decades and sought US investments in technology and infrastructure, where a staggering $1 trillion funding was required by 2015.

"Our (India's) objective is to sustain a growth rate of 9-10 per cent per annum in the next three decades. And in that processthe help of the US is of enormous significance," he said while addressing a joint press conference with visiting US President Barack Obama.

The American companies, Singh said, are welcome to participate in the development of infrastructure sector. The investment requirement in the sector in the next five years has been estimated at $1 one trillion.

"We need American assistance by way of capital exports... India needs a investment of more than a trillion dollars in the next five years in its infrastructure development...We welcome American investment in our economy," Singh said.

India is likely to double the target for investment in infrastructure sector to $1 trillion during the Twelfth Five Year Plan (2012-17).

The country's economic growth rate slipped to 6.7 per cent in 2008-09 from over nine per cent because of the global financial meltdown.

The growth rate, however, picked up to 7.4 per cent in 2009-10 and is expected to record 8.5 per cent in the current fiscal.

The Prime Minister further said that economic growth was necessary to deal with the problem of poverty.

"Foremost concerns of the Indian polity is to grapple with the problem of Poverty which still afflicts millions of our citizen...For that we need a string resurgent robust rate of economic growth...And it is a growth rate which is within our reach," Singh added.