Indian economy will grow at 7.5 per cent in the current fiscal year and the country's growth will accelerate in the coming years despite slowing world economy, Railway Minister Suresh Prabhu said today.
"We are passing through an interesting time. World economy has slowed down. Despite that, this year India will grow at 7.5 per cent. We will accelerate it to much higher level in next few years," he said at an event organised by CII and Doha Bank.
The Minister further said that infrastructure would drive the country's growth and added "we will invest USD 140 billion in rail infrastructure in the next few years".
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Prabhu said the government is developing 400 railway stations in India which will add to economic output in the country.
The Minister also underlined the need for increasing trade with other countries.
"We have find out some sort of bilateral relationship between geographies...Prime Minister Narendra Modi has met all world leaders. If trade block develops, then we will also develop," he said.
Prabhu stressed that most of the remittances which country receives come from Gulf nations.
The Minister also urged Qatari businesses to invest in Indian infrastructure.
According to CII, India's imports from Qatar in 2014-15 stood at USD 14.6 billion, while exports totalled only USD 1.05 billion. Over 90 per cent of India's import from Qatar is on account of oil and gas.
Speaking at the occasion, Doha Bank CEO R Seetharaman said, "India is the fastest growing work economy and the century belongs to India.
The bullet train project implementation period is slated
to be six years -- between 2017 and 2023 -- for the 508 km long route. The operating speed will be 320 kmph while the maximum speed will be 350 kmph.
Prabhu informed the government has also proposed an integrated development model for the PSU.
"The redevelopment of railway stations will be carried out in an integrated manner to house trains, buses, auto-rickshaws and taxis.
"We signed an agreement with Gujarat government and Surat Municipal Corporation two weeks ago for the redevelopment of Surat station. Work on two more stations will start soon in and around Delhi," Prabhu added.
