Govt taking steps to spur investment: PM

Prime Minister Manmohan Singh today said the government is taking steps to make India a more attractive investment destination with a view to achieve over 8 per cent economic growth in the 12th Five Year Plan.
"We are initiating measures to spur investment and to make India more attractive to investors both at home and abroad. We have taken steps to fast track major infrastructure projects," he said while inaugurating the 46 Annual General Meeting of the Asian Development Bank here.
Singh also assured the international audience, comprising Finance Ministers and central bank governors of several countries, that India is taking strong measures to achieve fiscal consolidation and high economic growth.

"India has set itself a target of over 8 per cent annual growth for the Twelfth Five Year Plan, which runs from 2012 to 2017. This is the rate of growth that the country achieved over the past decade," he said.
In order to spur investment in mega projects, the government recently set up a Cabinet Committee on Investment (CCI) to accord approvals to projects of over Rs 1,000 crore, which were held up due to various regulatory nods.
Last year, the government unveiled a fiscal consolidation roadmap with an aim to bring fiscal deficit to the level of 3 per cent of GDP by 2016-17.

Referring to steps to promote inclusive growth, Singh said the government has introduced legal entitlements to work, education and information from public authorities.
"We also plan to provide our people a legal entitlement to food at affordable cost. A legislation in this regard is before our Parliament," he said.
The Prime Minister said the Direct Benefits Transfer (DBT) programme will make it simpler for the beneficiaries to have access to benefits besides eliminating corruption and wastage in the public distribution system.