Pranab to seek US investments in infrastructure space

Led by Finance Minister Pranab Mukherjee, and his three Cabinet colleagues, India will make an aggressive pitch to US industrialists to invest in the country's infrastructure sector.

Mukherjee, who will be on a five-day visit to US from September 21, will address the 8th Annual India Investment Forum Meeting.

The theme of his address will be India's continuing growth story, a finance ministry statement said.

Mukherjee is expected to ask the US corporate to invest majorly in India's infrastructure sector, which needs more than a $1 trillion over the next five years.

Commerce and Industry Minister Anand Sharma, Power Minister Sushil Kumar Shinde and Renewable Energy Minister Farooq Abdullah, accompanying the Finance Minister, will also address the forum.

Besides, Karnataka Chief Minister D V Sadananda Gowda, accompanying the ministers, will seek investments for the state.

Tata group Chairman Ratan Tata, Reliance Industries Ltd Chairman Mukesh Ambani, SBI Chairman Pratip Chaudhuri, ICICI Bank CEO & MD Chanda Kochhar, Bharti Enterprises Chairman Sunil Mittal, HDFC Ltd Chairman Deepak Parekh and Apollo Hospitals MD Preetha Reddy will represent the corporate sector at the forum.

The US CEOs who are likely to participate include Indra Nooyi (Pepsico), Vikram Pandit (Citi Bank), Dave Cote (Honeywell), Jamie Dimon (J P M Chase) and Ellen Kullman (DuPont).

The Meeting would also discuss the effects of increasing inflows of foreign investment into Indian markets, said Ranjana Khanna, deputy secretary general, FICCI USA.

Mukherjee, along with his counterparts from Brazil, China, Russia and South Africa, would discuss policy responses and explore the manner in which BRICS could coordinate in addressing the evolving economic and financial situation in the various countries of the world.

The meeting will also discuss the reports which were commissioned by India on the role that BRICS could play in the global economy.

Prime Minister Manmohan Singh is also visiting US this week to participate in the United Nations General Assembly (UNGA) session. He will be making an appearance at the UN General Assembly after a gap of three years.

Mukherjee will also attend the 86th Meeting of G-24 Ministers to discuss global recovery and growth. He would also assume the Presidency of G-24, which is the inter-governmental group of 24 nations.