India needs $4.5 trillion infra spending over next decade: FM Piyush Goyal

Goyal refuted any charges that Indian banks are shying away from infrastructure projects, but said they have provided yeoman services to the country's infrastructure growth will continue to do so

India would need $4.5 trillion for investment in infrastructure over the next decade, the cost of which could be a challenge, but raising the resources is not an issue, Finance Minister Piyush Goyal said on Monday. He was speaking at the third annual meeting of the Asian Infrastructure Investment Bank (AIIB).

According to the Finance Minister, the cost of financing in a rising interest rate environment is an “important challenge”, but multilateral agencies and other funds are eager to invest in India. “Getting finance is not a challenge for India,” Goyal said.

According to Goyal, events like the annual meet